When is the best time of year to retire - LGPS?

[NecklessMumster]

Im 62 and my LGPS forecast looks like my pension will be comparable to my current wages ( went part time 3 years ago). So I am planning my escape. Are there any advantages to retiring at a particular date? Google search only gives results for defined pensions/ tax reasons/high earners which doesn't apply to me. I know general advice is to retire in spring/summer for psychological reasons but are there any other factors? My leave year starts 1st April so I thought end of March would be neat? Or to finish on original start date to give whole years service ?? I think im prevaricating from making a big decision tbh and I know im lucky.

End of March sounds good to me. You'd have the whole summer ahead of you. I retired early at 54 at the end of July, because I was a teacher. I wanted to retire at Xmas and had my notice handed in to do so, but my replacement pulled out at the last minute and I couldn't leave my students with no teacher as I taught GCSE and A level groups. Spring is lovely. Now I'm in the garden a lot. Tidying up, weeding, cutting grass, edging and planting up my flower tubs. DH contributes by pressure washing patio but he is still working full time for 18 months then when he is 60 I am hoping he will go part time for a couple of years then full early retirement. Like you we have both paid into our private pensions as well as NICS for state pension and both took out a stakeholder pension too. I've turned mine into a decent annuity policy while the rates were so good. I hope you enjoy your retirement as much as I do.

Thank you, can't wait.

I'm retiring tomorrow - my last normal working day before my 65th birthday. It's a great date for me 😁.

God I wish I was retiring. Only 12 hateful years to go. Enjoy every second of it!!

Every day you are in the scheme you accrue more pension, so the longer you are in it the greater it will be. However, for retirement date purposes it doesn't matter when in the year you retire.

Personally I would retire in the early Spring so I could work on my garden.

I've had forecasts which show I don't get much more if I hang on for a year or two/ three and can't face much more, then managing til i get state pension at 67

Yes it isn't a great deal it will be increased by. For each additional year of service your pension will be increased by 1/49th of your salary.

Does your LGPS website allow you to log in and do your own calculations? I've just done mine for every birthday left until state retirement age, put the details in a spreadsheet, and tried to pick a 'sweet spot' where the actuarial reductions are acceptable vs my age.

Yes it does but I'm having problems logging in. I think I''m done, just wondered if there was any better time ifvyear..endbofvtax year etc. Then its a decision around how much to take as lump sum vs more pension. I need to start sticking to my budgets better in anticipation.

Not really relevant to anyone taking their pension now as we are passed the date but may help someone thinking of going early next year.

Check when the annual COL increase is made to the scheme.
If it is done on 1st April then assuming your lump-sum is increased by the same amount, you may want to wait for that first (more applicable if you were thinking of going Feb/March).
With increases this year being IRO 10% this can make a significant difference to the lump sum (the annual pension gets any increase anyway).

I retired at the end of May four years ago, a few days before my 58th birthday. I’m PCSPS. No regrets!

• Think about what day of the month you want your LGPS to be paid. Check with LGPS but in my case I was used to being paid on the last day of the month so I retired from 1st of the month so my payday is 30th.
• Allow 2-3 months notice so they have it ready to pay on your first pension pay day.
• Check your state pension forecast - LGPS was contracted out so you may find you need a couple more years NI to qualify for a full pension. This could help decide if you retire 31 March or say 30 Sept - depending on salary a half/part year may add another years NI.
• Remember your LGPS will go up by CPI, in the last few years that has been higher than public sector pay rises.
• Go on a pre- retirement course and plan out the first 100 days. Sadly mine were blown apart by COVID but the planning helped.

Interesting nugget re CPI - I was told that LGPS uses the September rate for the following April's increase.

@CheersToMe the September CPI rate is used for State Benefits including State Pension as well as public sector pensions.