Local Govt Pension Scheme is it a good scheme

[ilovebrie8]

Is there anyone in this pension scheme? Is it a good one?

Looking at jobs with a LA and not worked in that sector before, salareis seem lower but I am thinking that pensions/holidays are generous to compensate.

Sees to be very flexible working.

Yes it is. It’s a defined benefit scheme which means all the risk is taken by your employer/the pension fund rather than you. Defined benefit schemes are very very rare in the private sector now so those in the public sector are very lucky to still have them.

I do believe it’s one of the best ones out there, even if you join now

Generous leave provision and generally very family friendly with flexi time (depends on your grade)

It depends if you intend to remain in the UK after you retire, if so it’s among the gold standard schemes. If you are even remotely interested in retirement overseas it could be wise to build up additional savings in another scheme. The tax relief on pensions is more generous than ISAs, and if you choose a stakeholder it is guaranteed to be free of any transfer fees.

I have an LGP and live in France. I get my full pension with annual increases just as if I were living in England. I pay tax at source on my local government pension in England and get a full rebate against our French tax return.

For many retirees in France it is vastly more tax efficient to transfer their UK pension to an overseas scheme with ROPS or QROPS status or an assurance vie or similar as this not only frees them from UK income tax but also dramatically reduces or eradicates currency risk.

The exchange rate commission fees can become really quite corrosive over time. Everyone’s circumstances are different though so it’s impossible to generalise.

Just interested in U.K. position don’t want to go off topic/derail thread into non U.K. etc…

its a good scheme to be in by the sounds of it …what % does the employee pay in does anyone know? Thanks

Depends on your pay - see link here

https://www.lgpsmember.org/your-pension/the-essentials/your-contributions/

I'm in it. Both sides 6.5% I think.