Does anyone understand Local Government Pensions?

Mel1967

Maybe my NHS pension is different?
I know that I can take 25% or even all of my lump sum (not the pension) and carry on working full time and also contributing to the same pension.

Can you?? My DWP has three options:-

Retire completely
Take partial retirement
Leave, freeze or take this pension then return.

It does not allow what you’re suggesting.

Maybe my NHS pension is different?
I know that I can take 25% or even all of my lump sum (not the pension) and carry on working full time and also contributing to the same pension.

Mel1967

As far as I’m aware if you are 55+ and pay into a workplace pension you can draw out 25% of your lump sum, without paying tax and carry on working.
I have NHS pension - so quite similar to yours, I would think?

Yes but you have retired then returned... I have done this...I have taken my pension and my lump sum and then returned 2 weeks later and now work 2 days...but that pension is over....I could pay into another pensionscheme if I wanted...but this would be complete new and separate from the pension I have taken

I retired early on LGPS pension. As far as I know, you cannot access your lump sum whilst you still working.

If you opt for flexible retirement (subject to the approval of head of department), you can work part-time and draw some of the pension at the same time.

Sorry, that says police in the heading, but it does say Local Government Pension Scheme in the article.

www.onlinemoneyadvisor.co.uk/pensions/pension-drawdown/police-pension-drawdown/#:~:text=Keeping%20your%20pension%20with%20LGPS,for%20at%20least%20two%20years.

They were quick enough to pay back all contributions to women when they left to have a family years ago!!

As far as I’m aware if you are 55+ and pay into a workplace pension you can draw out 25% of your lump sum, without paying tax and carry on working.
I have NHS pension - so quite similar to yours, I would think?

HurdyGurdy

We are having some renovation work done to the house, and not surprisingly, the costs have spiralled and we've spent all the money, plus contingency, we had. We need some more, so I thought I would take some of the lump sum from my pension.

I have made enquiries about this, but have been told that because I am an active member, actively making contributions into the scheme, I cannot access any of the benefits, unless I leave my employment.

I thought that once past the age of 55 (and I am), I could access my pension and/or the tax-free lump sum.

I don't want to receive the pension, just to take some of the tax-free lump sum.

Are LG pensions a different kettle of fish to private pensions? My husband has previously taken some of his lump sums from pensions with previous employers but not taken the pensions. I thought I'd be able to do the same.

LG pensions are completely different to private pensions

.if its still active you can't take money from it....are you planning to retire and return? That might work for you

I agree cossy it’s only an option when you are about to draw your pension.

www.google.com/url?q=https://www.lgpsmember.org/your-pension/planning/taking-a-lump-sum/your-lump-sum-choice/%23:~:text%3DWhen%2520you%2520take%2520your%2520pension,built%2520up%2520a%2520lump%2520sum.&sa=U&ved=2ahUKEwir9IfqsPGFAxU5WEEAHXFrBWYQFnoECBAQBQ&usg=AOvVaw2CgDxGt25Hy3mKKESgjmEK

It’s my understanding that you cannot draw down on ANY pension whilst you’re still working and contributing to it. I know with Civil Service pensions you can take partial retirement, say working three days a week and drawing pension to cover he other two days. I’m not sure how this would affect any lump sum. I’ve only drawn lump sums from pensions which are frozen and I’m not longer employed there.

I suggest you ring the pensions Dept directly and they’ll give you all your options.