Pension Question

edited 30 November -1 at 1:00AM in Pensions, Annuities & Retirement Planning
3 replies 819 views
mrp_4mrp_4 Forumite
2 Posts
I am a 38 year old single male. I work full time and have no works pension. I currently have £21,000 in savings spread between and ISA and a savings account.

I have a mortgage and no debts.

When I was 19 years old I worked for my local council and contributed into the superannuation fund, I stopped paying into this when I left at the age of 22.

That fund has been frozen since then.

My question is this:

Can I have part of my National Insurance contributions paid into that pension fund and can my current employer (NHS) also contribute to it as if I had a private pension?

If the answer is yes to these questions, who would I contact to start the ball rolling?

Thanks in anticipation.
Titch :)

Replies

  • margaretclaremargaretclare Forumite
    10.8K Posts
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    .

    When I was 19 years old I worked for my local council and contributed into the superannuation fund, I stopped paying into this when I left at the age of 22.

    That fund has been frozen since then.

    Can I have part of my National Insurance contributions paid into that pension fund and can my current employer (NHS) also contribute to it as if I had a private pension?

    If the answer is yes to these questions, who would I contact to start the ball rolling?

    Hi

    Not an expert, but I think the answer to the first part of your question would be 'no'. See other threads on 'serps' or S2P.

    The second part of your question: if you work for the NHS, why aren't you in their pension scheme? It's one of the best around. You could then get the frozen pension contributions transferred over to the NHS scheme.

    Best wishes

    Margaret
    [FONT=Times New Roman, serif]Æ[/FONT]r ic wisdom funde, [FONT=Times New Roman, serif]æ[/FONT]r wear[FONT=Times New Roman, serif]ð[/FONT] ic eald.
    Before I found wisdom, I became old.
  • At the time I couldn’t afford it due to low wages and a new mortgage.

    A colleague has done almost 40 years service and he gets a 30k lump sum which he has been advised to invest for the interest, and 10k a year pension! :-[

    £10,000 a year after 40 years paying into a pension doesn’t seem a lot, or am I being short sighted?
    Titch :)
  • dunstonhdunstonh Forumite
    106.7K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
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    A colleague has done almost 40 years service and he gets a 30k lump sum which he has been advised to invest for the interest, and 10k a year pension!  :-[

    £10,000 a year after 40 years paying into a pension doesn’t seem a lot, or am I being short sighted?

    Was he in it for 40 years or only some of the the 40.

    Assume he was in it:

    40/80ths =half his final salary and tax free lump sum. Very good for only 5% contributions by you (assuming you are on the 5% band).
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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