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

Andy_L

HankRandy wrote: »

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.

Sorry, misunderstood as you said "get at" & not "transfer".

You could transfer it to a Self Invested Personal Pension (SIPP) whcih would allow you to invest in shares and, unlike an "ordinary" personal pension, property (although, IIRC, only commercial not residental). However the money is still locked inside a pension wrapper.

However, as its invariably a bad financial decision and they are scared of you coming back & suing them for misselling in the future, they will only accept it if an independant financial advisor signs off on it. As the IFAs are equally scared its hard to find one who can demonstrate its a good idea and sign it off

bendix

The OP's first post talks about getting at the fund to use to buy BTL or shares. He's changed his approach further into the thread.

HankRandy

Andy_L wrote: »

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 years

My situation has very little to do with what Hutton has said today. Besides, as I understand it, they can't go after what's been accrued to date without changing some very difficult legislation.

I understand that it's just about the best pension out there but I've contributed over £21K of my own salary over the 7 years that I've worked for the fire service and I'm leaving the job. So regardless of whether or not people think I'm throwing my toys out of the pram by leaving- I'm still looking for some clarity as whether - if you accept that I'm leaving the pension one way or another- I'll be better off putting its "nominal value" into another private pension fund now or further down the line, given that its "nominal value" is quite likely to decrease over the next four years...

HankRandy

bendix wrote: »

The OP's first post talks about getting at the fund to use to buy BTL or shares. He's changed his approach further into the thread.

I asked if it was possible to reinvest it in Buy To Let or shares as an example. My initial post was quite obviously asking what was possible. I haven't changed my approach. I asked a question and I got some pretty bitter responses about tax payers giving me bags of sweets. If you guys love final salary pension schemes so much go and join the FB. There's nothing stopping you. Personally, I feel that it's no longer the job for me and I posted a thread on this site asking for advice on what best to do with the pension that I have paid into. Which amongst a lot of other !!!!!!!!, I have received. Thank you.

I know pensions are a sore point but I have always worked hard and paid taxes before and during my employment as a fireman and hopefully for a long time after.

The people so bent out of shape about "taxpayers" paying for public service pensions would presumably prefer a society with no public sector at all and they may very well be about to inherit their dreams.

Loughton_Monkey

HankRandy wrote: »

.... So regardless of whether or not people think I'm throwing my toys out of the pram by leaving- I'm still looking for some clarity as whether - if you accept that I'm leaving the pension one way or another- I'll be better off putting its "nominal value" into another private pension fund now or further down the line, given that its "nominal value" is quite likely to decrease over the next four years...

You can continue asking the same question time, after time after time, but not only have you had universal opinion that no you would not be better off, but we need to know which part of "Simply can't be done." do you not understand?

And where do you get the idea your value will decrease over the next four years? How can this possibly be? It is inflation proofed. Its value cannot possibly go down unless we have negative inflation. Your current pension rights are cast iron, guaranteed, government-backed, set in concrete, inflation-proofed benefits that cannot be taken away.

HankRandy wrote: »

I asked if it was possible to reinvest it in Buy To Let or shares as an example. My initial post was quite obviously asking what was possible. I haven't changed my approach. I asked a question and I got some pretty bitter responses about tax payers giving me bags of sweets. If you guys love final salary pension schemes so much go and join the FB. There's nothing stopping you. Personally, I feel that it's no longer the job for me and I posted a thread on this site asking for advice on what best to do with the pension that I have paid into......

I do not detect any 'bitter' comments. All I detect is what comes across at your own bitterness about your job. Nobody can comment on that. If you are genuinely asking for advice on what 'best' to do with the pension that you have paid into.... Here is the answer:

1. KEEP PAYING INTO IT WHILE YOU STILL WORK FOR THE FIRE BRIGADE.

2. LEAVE IT WHERE IT IS.

3. NO OTHER PENSION ARRANGEMENT WOULD (LEGALLY) ACCEPT IT ANYWAY.

It is in the laws of nature that asking yet again cannot change the answers.

jamesd

HankRandy wrote: »

I'm still looking for some clarity as whether - if you accept that I'm leaving the pension one way or another- I'll be better off putting its "nominal value" into another private pension fund now or further down the line, given that its "nominal value" is quite likely to decrease over the next four years...

I refer you to the answers you've already been given. They are correct, even though you clearly don't like them.

Personal pensions in the UK are prohibited from directly owning residential property, including BTL property.

Andy_L

Loughton_Monkey wrote: »

Your current pension rights are cast iron, guaranteed, government-backed, set in concrete, inflation-proofed benefits that cannot be taken away.

Not quite true, they could change from CPI to something even worse using the same legislation they used to change from RPI

bendix

HankRandy wrote: »

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.

Chippy little b****r, arent you?

teddy_ruckspin

bendix wrote: »

Chippy little b****r, arent you?

absolutely hilarious!

lannie1

Would everyone in this thread not like a 6% contributory public sector pension scheme? I think everyone who works should be offered the scheme.
Question: I worked for the public sector for 6 years, had a career break then rejoined the pension scheme. Shall I leave the 1st pension deferred or transfer to current final salary scheme. I am planning to go part time, but am not due to retire for 30years so will probably go full time again in the future or potentially get another job??