Is the local government pension scheme LGPS worth me joining?

[RoosLoos]

I have never had a pension. I work pt and probably always will and don't earn much. Is it worth it for me?

I don't understand pensions. Can someone help me please. I know I have to contribute 5.5,% but no idea how much employer contributes or if it's worth it for me. Should I instead put that money away and invest it instead?! So clueless and confused!

LGPS is a very good scheme. Not only will it give you a pension and lump sum but you will be covered for death in service benefits (lump sum payment) and if anything did happen to you there would be a partners pension paid and children's pension ( up to age 23 if in fte)

Yes its worth joining the sooner the better

Yes, you should join

Yes for the reasons above. They also put the same percentage as you do

definitely join your employers pension. it is much better than doing private savings.

The LGPS is one of the few decent pension schemes left, and most financial advisers would say to prioritise it if you have access to it.

Converting to a lump sum (ie exchanging future income for a lump sum payout on retirement) is not that beneficial as the income lost usually makes it not worth it. But the employer puts in far more than the employee, to ensure the defined benefit!

Yes absolutely

Yes, definitely!! Bite their hands off.

The LGPS is one of the few decent pension schemes left, and most financial advisers would say to prioritise it if you have access to it.

Yes, this!

Any scheme where the employer contributes is worth joining, its free money! There isn’t any investment you could buy with that 5.5% which will give you the same return for pretty much zero risk.
And your pension is tax free.
I started with the LGPS when I was 21, I’m now 49😱, have worked part time for the majority of the time since I was 28, and I can’t wait till I’m 55 and can leave my job with a wee lump sum and income.
It’s really a no brainier.

Contact your pension section for a proper explanation as to how it works

Definitely join. Particularly if you work part time. It's because I joined as a part timer that I managed to retire early.

Christ yes.

Yes, please join.

More info about the scheme and benefits here:

www.lgpsmember.org/

Definitely join. Very few other pensions give a spousal pension if you were to die.

You also can take your pension unreduced if you were made redundant at 55 or above.

The employer tends to pay double what you are putting into the scheme.

Pensions administrator here. Yes. It is one of the best around. If it were me I'd jump at the chance.

Yes, absolutely join.

Wow! Wasn't expecting such a unanimous yes to join! I forgot to say that I'm nearly 40 so would it still be worth it? I feel like I've left it too late to be honest!

It's never too late to get free money which is essentially what you're getting if your employer contributes 5.5%.

JudgeRindersMinder can I ask if you don't mind sharing how much do you expect to receive per month when you retire?

@RoosLoos, it used to be really straightforward when it was a final salary pension, when
The maximum you’d receive after 40 years service would be 1.5 times your final salary as a lump sum, in addition to 50% of your final salary as an annual income.
The scheme changed to career average in 2015, and that affects the amount your pension is calculated on, however the proportions are the same. I don’t want to hazard a guess for any more detail as I don’t want to give you misinformation.
The long and short of it is you’d be daft (in the nicest possible way!) to not go fo it!

Is it worth buying more of it.
Op it's a very good scheme I think as pensions go and quite secure..