Hello Everyone
I’ve been working on a FIRE plan that accumulates a reasonable pot (c £800k, of which half is saved to date) before I pull the plug, and do something different. One way to get there more quickly might be to transfer an LGPS deferred pension. Does anyone have any experience of the transfer values that an LGPS transfer might achieve?
I know transferring out of the LGPS is not conventional wisdom. But conventional wisdom is often what consumer suckers hold.
A deferred benefit of £13k could yield enough to shave 2-3 years off my plan (currently 2023), which is an exciting prospect.
I do understand that LGPS pensions are valuable, but I will be c 50 when I hopefully FIRE so I don’t wish to wait until 67 to take the pension. I have an average risk appetite; I’d be happy to transfer to a Vanguard Lifestrategy fund.
Other than accelerating FIRE, there are no other reasons to consider a transfer from LGPS - no ill health, married etc - so deferred benefits are potentially valuable. If I wasn’t considering an earlier exit.
Any help, comments, questions gratefully received.