Other considerations
Unlocking pension benefits early may suit one person's individual circumstances but not another's.
It is very important to look at how the Freedom and Choice options would work for you, and not look at how this may have worked for somebody else that you know.
If you choose to go down the Freedom and Choice route, please make sure that you are aware of any potential fees that would be involved before signing the election form.
For instance, if you were to transfer your LGPS pension rights out to a defined contribution scheme:
Will your IFA charge you a fee for their services?
Will the receiving scheme charge an administration fee for processing your transfer and making the subsequent payment?
Make sure to ask your chosen DC scheme to provide you with details of any and all fees that will be taken, as the initial transfer value of your pension may not be the payable amount that you can draw down on.
Ultimately, the final decision as to what you wish to do with your pension benefits is your own.
As previously stated, the Fund is not able to offer financial advice but we do recommend that you seek advice if there is anything that you are unsure of in relation to unlocking your benefits early.
Any financial decision that you make now will have an impact on your future income, so please be sure to leave yourself in the best possible situation that you can, whatever your choice may be.
