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Can I get at my public sector Final Salary pension pot now?
Comments
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Oh, that's just Loughton Monkey. He's one of the grumpiest and most easily irritated chaps on this forum. Take no notice of him; noone else does.
Other people like me are much kinder and easier to deal with.0 -
Oh, that's just Loughton Monkey. He's one of the grumpiest and most easily irritated chaps on this forum. Take no notice of him; noone else does.
Other people like me are much kinder and easier to deal with.
Yes, Bendix. Never a truer word from a misanthrope such as your good self.
Now remind me. Why is it that they say you make Victor Meldrew look like an optimistic humanitarian?0 -
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.
We know they pay 11%, but bendix is right that there is no sum /pot/fund/whatever you want to call it of money assigned to an individual as there would be in a defined contribution scheme. A transfer value is a notional value placed on the current cost of providing the final salary benefits that have been accrued. Yes this sum can be transferred elsewhere but it does not belong to the indivdual.
And, BTW, the employer (ultimately the taxpayer) makes up the rest that is required to pay such benefits. Try looking to see how much a projected firefighter's (not leading, not officer etc) pension based on 30 years service would cost on the open market.It only takes one tree to make a thousand matches, it only takes one match to burn a thousand trees. As well, the cars are all passing me, bright lights are flashing me.
Johnny Was. Once.
Why did he think "systolic" ?0 -
Loughton_Monkey wrote: »Now remind me. Why is it that they say you make Victor Meldrew look like an optimistic humanitarian?
I think that's one of the nicest things anyone has ever said about me.0 -
"A transfer value is a notional value placed on the current cost of providing the final salary benefits that have been accrued. Yes this sum can be transferred elsewhere but it does not belong to the indivdual."
So in that respect, am I better off transferring the pension now, as opposed to further down the line, when the notional value placed on the current cost of providing the final salary benefits are highest?
Incidentally Leading Firefighters and Officers no longer exist in LFB. They are all managers now.0 -
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"A transfer value is a notional value placed on the current cost of providing the final salary benefits that have been accrued. Yes this sum can be transferred elsewhere but it does not belong to the indivdual."
So in that respect, am I better off transferring the pension now, as opposed to further down the line, when the notional value placed on the current cost of providing the final salary benefits are highest?
Incidentally Leading Firefighters and Officers no longer exist in LFB. They are all managers now.
Can't answer that one I'm afraid. Ah, wasn't aware, it's over 10 years since I administered the Herts Police & Fire schemes.It only takes one tree to make a thousand matches, it only takes one match to burn a thousand trees. As well, the cars are all passing me, bright lights are flashing me.
Johnny Was. Once.
Why did he think "systolic" ?0 -
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.
They do/have but their pension is far better than the other schemes where the employees only pay, typically, 6%.
Nothing that Hutton has said today affects what they have accrued to date or, probably, for the next 4 years0 -
My question was how to go about transferring it and what could I transfer it to, which others have answered but thanks once again for your pointless response.
1. You officially request a transfer value from your scheme administrators. [This would be a specially contrived calculation aimed at providing a conservative valuation of your pension rights. It would be lower than its 'real' value].
2. You go to another pension/SIPP provider and ask them to transfer it in.
3. Under FSA rules, they will notice that it is a Final Salary Scheme and therefore refuse to do it unless you have a qualified IFA (FSA Authorised) signature explaining why this is in your interests to transfer it.
4. Shop around all IFA's and find one willing to sign such a transfer off. This is about as likely as finding a Fire Officer granting a fire safety certificate to a company storing 3,000 gallons of petrol in open topped drums, and use the same room as a smoking room.0
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