transfer in pension

sarahyorks

I started new job at NHS 7 months ago,previously to this i worked for 14 years at police where i joined their pension. I know absolutely nothing about pensions so im wanting to know whether it would be worth my while transferring my 14yrs police pension into the NHS one or keeping them seperate?

MissKitty

I had a similar dilema too about a pension I have with the Civil Service.

I worked for them for about 5 years and left about 13 years ago when I got married and moved abroad. I read an article in the magazine "Moneywise", which is a really good magazine for financial information, and it was about reclaiming pensions from jobs you have left.

I contacted the Civil Service about 3 years ago and updated them with all my personal information and received a statement with how much my pension was worth.

Last year I was considering merging it with a stakeholders pension I have as the Civil Service one is small. I got an offer of a transfer value from the Civil Service and it was really rubbish. I weighed up that if I was to live for 20-30 years after taking my small Civil Service pension I would get way more money that way than the few thousand pounds they were offering me to transfer.

I sent an email to Moneywise magazine as they have Independent Financial Advisors that can give you some advice, I got a reply and he said I made the right decision. It's not just about the transfer value it's about the benefits that come with the scheme your pension is in.

As you have quiet a few years worth of pension already built up you might loose money and benefits by merging the two together. If I was in your position I would get a transfer value from your police pension and make sure you have their booklet that says what benefits come with the scheme and maybe try and speak to an Independent Financial Advisor before making such a big decision or you could regret it later in life.

I had 3 months to transfer at the value they offered me, after that 3 months I would of had to get a new value. I did nothing and left it where it is.

Good luck

atush

Get on to your HR dept quickly. If you want to transfer in, you only have a limited amt of time. If it is 6 months, you are already too late. So get onto them and ask ASAP.

but do check the differences between the police scheme and your new scheme as to age you can take it etc as I do not know which one is better? If the police one is, leave it there.

knuckledragger

sarahyorks,
were you a police officer. ie 14 years of their very generous final salary scheme?

sarahyorks

thanks for the advice iv been in touch with police pension im awaiting my statement then best thing to do is get independant advice oh and knuckledragger no i wasnt a police officer so unfortunately i wont get the huge lump sum

Koicarp

Remember NHS pension contributions rise in april, so you will get less for your transferred money from then on- do it quick if you are going to do it. You have 1 year from first joining the NHS pension to transfer in.

knuckledragger

sarahyorks,
I should have guessed: no way would you have been considering transferring that sort of deal!