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Advice needed about transferring dh's old pension rights into his new jobs pension with the local government.............

(4 Posts)
Beelliesebub Fri 11-Jul-08 17:23:17

Right..... Dh has just got a promotion at work and has been invited to join the pension scheme. He works for the local government and we've just spent all afternoon sorting out his old pensions from various employers, with a view to transferring them over to this lgps and have been surprised to find out that the transfer values are roughly about 30k.... 20k of this is a contracting out of serps policy..... Would it be best to leave them where they are OR transfer to the new local government scheme..... and if we do transfer what does the 30k give us.... and does that mean we contract back in????? Am I making sense....

If anyone understands what I'm trying to say can you please answer as if I'm 7 years old, then I might get the gist of what it's all about.............

grin

llareggub Fri 11-Jul-08 17:27:51

Have you spoken to the LGPS administrators? They will be able to help with this query.

BayeauxT Sat 12-Jul-08 23:34:34

I don't think the administrators are legally allowed to advise you as what is best - they would refer to you an independent financial adviser - but they could probably explain the whole contracted-out thing... I think the LGPS is contracted-out anyway?

Beelliesebub Mon 14-Jul-08 13:30:14

He rang and spoke to the administrators this morning but to be honest they weren't really much help so I think he's just going to stick it all in there anyway cos' his reckoning is that you can't go far wrong with this sort of scheme anyway.....

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