Opting out of the Local Government Pension Scheme?

[flowerpowerrrr]

I’m 31, single (post break up), no children. Since the breakup I’m struggling to make ends meet and have more going out than I do coming in- I’m debating opting out of the LGPS until I pay off my car finance and some other debts. Probably for around a year. I’ve paid into the scheme for 11 years at present. I know it’s a great pension scheme but I’m not sure I have any other options. I can’t cut back any more. Admittedly, I’m not very knowledgeable about such things- would it be majorly detrimental to opt out for a year in the grand scheme of things?

Yeah as above. The trouble is once you get used to not paying it will you again?

The terms and conditions may also be less favourable than when you joined.

You won't see the amount that appears as a deduction in real terms.

Go on money saving expert and do a statement of affairs. See if there are any other ways to improve the budget. People on there are very knowledgeable.

Only opt out if you’re happy screwing yourself over big time. It’s a big mistake.

get a waitressing job weekends to help cover extra costs for 12 months instead?

are you due an incremental raise in April?

Dont do it. My mum is nearly 80. This is her best pension. You will need it.

Adding another voice to the "don't do it chorus". As well as all the reasons above, I'm afraid that this is a slightly morbid reason but if you were to die before you opted back in you would lose your extremely valuable death in service benefits.

I agree please do not opt out of your pension.

Two options to increase your income the £10 a day threads
https://www.mumsnet.com/talk/money-matters/4667523-earn-ps10-a-day-new-and-ongoing-thread?page=1

and this thread
https://www.mumsnet.com/talk/money-matters/4759761-ways-to-supplement-your-income?reply=125443820

Don't opt out of the LGPS it is one of the best out there. You won't save the amount you think younwill due to tax and NI
If you absolutely must asking have literally no other choice do 50:50 for the year and then go back to main. Do not opt out completely you will be throwing money away.