Can I get at my public sector Final Salary pension pot now?

HankRandy

I'm a 35 year old firefighter who is leaving the public sector. I intend to come out of my pension now and I'd like to know how to go about re-investing the pension pot that I have built up over the last 7 years or so. Perhaps in a buy to let property if that's possible or in shares or something. Any advice?

Andy_L

Can I get at my public sector Final Salary pension pot now?

No, unless you are terminally ill.

Leaving the pension now would be an incredably foolish thing to do though(although as a taxpayer I'd say thank you very much for doing so), especially as Hutton (not the Gov) hasn't actually given any firm numbers just recomendations that need to be fleshed out.

Loughton_Monkey

If you feel that way, then without doubt you are in the wrong job, and so leaving is probably wise.

Most of us take a more balanced view, and that view would suggest that leaving the pension scheme (whilst you remain working there) will cost you quite a lot (and consequently save us taxpayers the same amount) in lost benefits [albeit not as generous as previously].

Similarly, if you then move the cash value of your Final Salary Scheme [which will require the almost impossible-to-get signature of a financial professionl] then your losses would raise to a far higher level.

Over the years, your employer has given you and your colleagues one of the most expensive 'bags of sweets' imaginable. For sensible budgetary reasons, they are now proposing to give you a slightly smaller bag of sweets. So by all means throw out all the future smaller bags of sweets out of your pram, and save the tax payer money. To go under your pillow and throw away all the sweets you've hoarded under there will save us even more. There will only be one loser.

HankRandy

Thanks for your condescending comments but you haven't actually answered my question. I'm talking about leaving my job because it's untenable with current management. As a taxpayer you could well be the loser when all the skilled public sector workers that you rely on have gone.

HankRandy

I'm asking how best to reinvest when I come out of the pension because I am not going to retire as a firefighter. I am a highly qualified professional firefighter who has cost thousands to train so the tax payer will also be the loser.

Tigsteroonie

I believe - but I am not a financial advisor - that you cannot remove the funds from your pension pot to invest elsewhere, you can only transfer the notional value of that pension into another pension scheme. And I'm not even sure you can do that from the PCSPS - personally I am opting to leave mine there, as I feel it is still worth more as a small civil service pension than it would be removed and invested elsewhere.

molerat

You will not be able to get at the cash to invest elsewhere except by transfer into another authorised pension scheme and then only with the sign off of a professional advisor which is a very unlikely scenario as the advisor has to be certain that transferring would not be financially detrimental which it almost certainly would be.

bilbo51

I suspect that you would be better off leaving it where it is.

bendix

HankRandy wrote: »

Thanks for your condescending comments but you haven't actually answered my question. I'm talking about leaving my job because it's untenable with current management. As a taxpayer you could well be the loser when all the skilled public sector workers that you rely on have gone.

Leave your job by all means, but that doesn't mean y ou can have access to the pension pot (which doesnt exist, by the way) assigned to you. It is a final salary pension scheme. There will be a notional value which might or might not be advisable to transfer to another pension scheme, but if you think you can just take some money and buy a BTL or shares, you're very much mistaken.

Simply can't be done.

HankRandy

Thanks. I'll leave the job and (obviously therefore) the pension and leave my contributions where they are until I'm 60. Thanks for the advice but I could have done without the patronising !!!!!!s talking about sweets and prams. I'm a tax payer too incidentally.

Sphynx

Also people should remember that this firefighter and others I have spoken to who are now considering leaving the public service have paid in substantial sums of THEIR money into these schemes. It is not a 'notional' value but thousands of pounds. Firefighters pay 11% of their salary to the pension scheme.