Hi. Been employed by RM since 2013 so I'm not sure how many different pensions there will be with them in that time., I have also put some AVC's in which I think went into a Scottish Widow account. My pension pot is about £50k I think.
I will be working for the local council and they have the LGPS scheme.
What will be the best outcome for me? Maybe transfer the whole pot over before 6 months? Leave the pension as it is?
What would be the best advise and how would I go about things.
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Pension advise. Leaving RM in a week
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hewittinspain
- Posts: 241
- Joined: 20 May 2013, 21:24
- Gender: Male
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RobertT
- EX ROYAL MAIL
- Posts: 6486
- Joined: 09 Sep 2007, 14:26
- Gender: Male
Re: Pension advise. Leaving RM in a week
You presumably joined the RMDCP via Scottish Widows in 2013.
In 2018 you would have been given the option to pay into the RMPP/DBCBS(section F) instead.
You may have joined the new collective plan(RMCPP) in October 2024? Or Nest?
So it's possible you've been a member of 3 or even 4 different RM schemes.
AVC's into RMPP and RMCPP will be separate pots, but RMDCP would have gone into the same pot as your normal contributions. But all AVC's will be via Scottish Widows.
The LGPS is a good scheme as it's defined benefit and accrues on an average salary basis, but it's normal retirement age is linked to when you get your state pension.
Joining is an absolute no-brainer, so you'll have to decide whether transferring in your RM pension/s(or any others you may have) fits your plans for retirement.
For example, if you were to transfer the RMDCP. How much pension would you get in return for your pot of cash(that's something you'll to ask the LGPS). And are you willing to give up an access at age of 55(rising to 57 in 2028) in return for a normal retirement age of state pension age(67/68?) in the LGPS?
If in any doubt then consult an IFA, as it'll be a very individual thing and not something an anonymous person on here can give you a definitive answer to.
For more info, here's the LGPS website: https://www.lgpsmember.org/
And here's what they say about transferring in: https://www.lgpsmember.org/your-pension ... erring-in/
In 2018 you would have been given the option to pay into the RMPP/DBCBS(section F) instead.
You may have joined the new collective plan(RMCPP) in October 2024? Or Nest?
So it's possible you've been a member of 3 or even 4 different RM schemes.
AVC's into RMPP and RMCPP will be separate pots, but RMDCP would have gone into the same pot as your normal contributions. But all AVC's will be via Scottish Widows.
The LGPS is a good scheme as it's defined benefit and accrues on an average salary basis, but it's normal retirement age is linked to when you get your state pension.
Joining is an absolute no-brainer, so you'll have to decide whether transferring in your RM pension/s(or any others you may have) fits your plans for retirement.
For example, if you were to transfer the RMDCP. How much pension would you get in return for your pot of cash(that's something you'll to ask the LGPS). And are you willing to give up an access at age of 55(rising to 57 in 2028) in return for a normal retirement age of state pension age(67/68?) in the LGPS?
If in any doubt then consult an IFA, as it'll be a very individual thing and not something an anonymous person on here can give you a definitive answer to.
For more info, here's the LGPS website: https://www.lgpsmember.org/
And here's what they say about transferring in: https://www.lgpsmember.org/your-pension ... erring-in/
Links to all RM pension related websites are here