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Transferring NHS pension to Stakeholder pension?
Suzkin
Posts: 517 Forumite
Is it possible to transfer approx. 11 MONTHS (yes, months) pension payment from NHS pension to a stakeholder pension?
I understand that if it is not transferred to another NHS pension (or pension that will accept it, and I do not know which ones, if any) within 12 months (of leaving the organisation), then the funds will be paid back to me, less NI and tax.
This would obviously result in a much lower value as the sum would be minus employer contributions etc.
Apparently, it is not possible to 'preserve/freeze' the pension, due to less than 2 years employment/contributions. Also: I do not know whether in the next 12 months, I shall be working again for the NHS.
Thanks.
I understand that if it is not transferred to another NHS pension (or pension that will accept it, and I do not know which ones, if any) within 12 months (of leaving the organisation), then the funds will be paid back to me, less NI and tax.
This would obviously result in a much lower value as the sum would be minus employer contributions etc.
Apparently, it is not possible to 'preserve/freeze' the pension, due to less than 2 years employment/contributions. Also: I do not know whether in the next 12 months, I shall be working again for the NHS.
Thanks.
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Comments
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Could you leave it there for say 10 months just in case you do get another job with the NHS, if not then do a transfer then.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
That's what I was thinking (as a last resort), although I 'd really like some idea of the possibilies, now.
Also if I were able to transfer it to a stakeholder pension sooner (rather than later) would this - timewise - increase the value? If so, I might as well hedge my bets, and transfer it now, that is, also if the gain is sufficiently great?
More comments very welcome, thanks.0 -
Yes
The message you have entered is too short. Please lengthen your message to at least 10 characters0 -
Yes
The message you have entered is too short. Please lengthen your message to at least 10 characters
Hi Andy L: Sorry, I don't understand your message - what are you saying 'yes' to, and what do you mean about the number of characters needing to be 10? Please explain, much appreciated.
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Andy couldnt just type "yes". The board has a minimum requirement of a least 10 characters so he copied and pasted that to make up the count.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.0
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Yes .0
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Aahh Thanks for the explanation, Dunstonh!
I'm still wondering what the 'yes' is for though: is he saying 'yes' to the earlier the funds are transferred to a stakeholder pension, the better (i.e. if it is at all possible to do this - which is what I still need to know etc.)?0 -
Yes, you can transfer the funds to a stakeholder (or any other type of pension).
The sooner you do it the sooner you start getting investment returns on the funds, but with the amount involved its probably not that significant, providing you beat the 12 month deadline0
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