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General Chat Thread, Withdrawing from the local government pension scheme in General; ...
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    Withdrawing from the local government pension scheme

    Has anyone done it? Is it easy? Can you get back the money you have put in?

    It just seems utterly pointless at the minute - its taking £80ish a month of my salary and while it is a good pension, as Im not planning to be in education for much longer its worth next to nothing, and Id be better off sticking most of it in my savings

    I expect everyone to just say 'oh think of your future' etc but to be honest I think the future is so *** anyway a pension will be worthless by the time I get anywhere near retirement age
    Last edited by witch; 14th July 2008 at 11:13 AM.

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    Yes it can be done, but I believe only if you haven't paid into it for over 2 years. Ask your bursar who will probably be able to tell you what you need to do.

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    Quote Originally Posted by sidewinder View Post
    Has anyone done it? Is it easy? Can you get back the money you have put in?

    It just seems utterly pointless at the minute - its taking £80ish a month of my salary and while it is a good pension, as Im not planning to be in education for much longer its worth next to nothing, and Id be better off sticking most of it in my savings

    I expect everyone to just say 'oh think of your future' etc but to be honest I think the future is so fcked anyway a pension will be worthless by the time I get anywhere near retirement age
    You may find that your future is as you put it, but only because you didn't put into a pension. Or will you be one of those who complain bitterly and so get my 2 pensions taxed to the hilt to make up for your lack of planning?

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    You cannot get back the money you have paid in, until you retire.

    I have tried it myself.

    There are arguments over whether it is better to put money into ISAs which have more flexibility. You will of course have to take your own risks and advice. This is what I am going to do, as like yourself I am not happy with how the funds are managed, I dont trust the LA to get anything right, I'm afraid.

    When I first started here, the LA had miscalculated a colleagues tax for the past several years before he was retired. When he did finally retire, he was given a £7500 tax bill from the inland revenue.

    I myself have had pay miscalculated 3 times in the past 5 years I have been working here. Maybe your LA can add up, I wouldnt rely on it based on my experience, though.

    My other private pensions are declining year on year. I have pensions where by the time I retire will be worth nothing due to the value they lose every year. There is nothing I can do, the money is locked in.

    Like yourself, I dont plan to stay in education forever, so the final lumpsum is not really an incentive (and I doubt it will still be there in 25 years time anyway)

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    I paid £70 into Brighton&Hove pension for about 7months, only because it took that long for them to cancel it, I did get the money back though.

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    Oh crap Yeah thats exactly what I wanted to do, put it into an ISA.
    Ok, so I cant withdraw it, but can I at least stop making new payments?

    dos_box - Oh I will be planning, but id rather fund my retirement from my own savings rather than thinking Ill be getting loads from a pension and being dissapointed. Wont be moaning, if Im screwed its my own fault. Would much prefer to have a house and be self sufficiant by then anyway, rather than relying on a pension

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    As I finish in 7 1/2 days, I am doing this at the moment.

    You can only get back the money if you have paying in less than 3 months. Otheriwse you cannot touch it.

    You can transfer it between employers in the same area if they are government controlled, i.e. schools, councils etc.

    As I am not returning back to work, I am letting it run to retirement, basically it stays where it is and it will go up by inflation every year. I suppose better than it just going away and getting nothing.

    Pants really, would like it back, but hey!

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    I think you can also take any payments you've made into it and put them into another scheme private or whatnot but that may only be if you leave the council as you cannot stay in it if you are not working for them.

    Once you've got it in a new private policy then you may be able to cash it in?

    Ben

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    I cancelled mine after paying in for just after 2 years, got a cheque for the full amount (-tax).

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    Quote Originally Posted by Quackers View Post
    I cancelled mine after paying in for just after 2 years, got a cheque for the full amount (-tax).
    Hmmm, I will have to check again (maybe with someone other than the PA I asked who may not know maybe)!!!!!!

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    Quackers's Avatar
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    Quote Originally Posted by Scotmk View Post
    Hmmm, I will have to check again (maybe with someone other than the PA I asked who may not know maybe)!!!!!!
    There were some dodgy rules to with dates. You had to have started work or somthing after a specified date, cannot remember exactly, as it was back in 2005.

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    I think they may be all different - in mine you can claim back contributions if you have been paying in for less than a specific period. You can also transfer the money to another employer's pension or, and perhaps of more interest, to a personal pension. I cannot find a time limit for that
    It is important to remember that pension payments are taken before tax so they can be very cost effective if the scheme performs well.

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    Quote Originally Posted by Scotmk View Post
    As I finish in 7 1/2 days, I am doing this at the moment.

    You can only get back the money if you have paying in less than 3 months. Otheriwse you cannot touch it.

    You can transfer it between employers in the same area if they are government controlled, i.e. schools, councils etc.

    As I am not returning back to work, I am letting it run to retirement, basically it stays where it is and it will go up by inflation every year. I suppose better than it just going away and getting nothing.

    Pants really, would like it back, but hey!


    Just to note transfer between any local authorities that are part of the LGA not just your local lea.

    As said if going out of local goverment then you park it in effect then start a new one with the company working for etc.

    Russ

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    I'm not in a pension scheme but insted i'm putting all my money into property. I have a house and 2 flats now. Living in the house and renting both the flats.

    The income from the rent is paying the mortgage for me. When i come to retire in 35 years time i can either sell them and live off the profits of the sale or live on the income there generating from rent as the mortgages will be paid off anyway!

    I don't trust pension schemes. My partners dad died 3 years before he retired. Half of his pension goes to his widow and the other half goes back to the government!

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    Quote Originally Posted by jamin100 View Post
    I'm not in a pension scheme but insted i'm putting all my money into property. I have a house and 2 flats now. Living in the house and renting both the flats.

    The income from the rent is paying the mortgage for me. When i come to retire in 35 years time i can either sell them and live off the profits of the sale or live on the income there generating from rent as the mortgages will be paid off anyway!

    I don't trust pension schemes. My partners dad died 3 years before he retired. Half of his pension goes to his widow and the other half goes back to the government!
    The English property market is nothing more than a glorified pyramid selling scheme and I wouldn't use the (projected) value of any property I own as the basis of a retirement pension. However, I admire your industry, and as you're probably much younger than me, keep working and paying my pension.

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