Pension Advice

i_was_taught_2b_cautious

Hi

Just looking for some advice really.....

I am 27 years old, married, in full time employment. Wife is expecting our first child in October 2012. Wife also works full time.

I currently have a deferred final salary classic Civil Service Pension after 4 years 196 days service which I left in 2007, which was showing an annual pension of £1011, and a lump sum of £3035. Will that amount grow each year?

I am also currently in the SHPS which is final salary 1/60, having completed 5 years.


Can I transfer my Civil Service Pension to my SHPS, and if so is it worth doing?

Also do you think it would be worth starting a stakeholder or personal pension for my wife? Will only be looking to invest approx. £100 per month?


Thanks in advance for your responses.

kidmugsy

i) What's SHPS?
ii) For your wife: is no employer scheme available? Even if the answer is "no" it might be worth waiting for the NEST scheme (unless your wife is a higher rate income tax payer in which case it might be worth opening a personal pension of some sort now).

dunstonh

SHPS is often used as short hand for stakeholder pension scheme. However, i suspect in this case it is initials for some employer scheme.

jem16

kidmugsy wrote: »

i) What's SHPS?

Social Housing Pension Scheme perhaps?

http://www.thepensionstrust.org.uk/TPT/SHPS/Homepage.htm

i_was_taught_2b_cautious

Hi

Sorry I should have made myself clear, SHPS is the Social Housing Pension Scheme.

Kidmugsy - No my wife's employer does not yet offer a pension scheme as the company is very small. Wife is basic tax payer.

I will look into the NEST scheme.

atush

Could be a few years yet, so might open one sooner for her (if all your ISAs are filled.

As to the transfer, I don't know.

jem16

i_was_taught_2b_cautious wrote: »

Hi

Sorry I should have made myself clear, SHPS is the Social Housing Pension Scheme.

The website seems to say that transfers into the defined benefit structures of the scheme are no longer accepted, so I would say not to transfer your Civil Service pension to it.

http://www.thepensionstrust.org.uk/TPT/SHPS/ForMembers/ThinkingAboutJoining/Can+I+Join.htm

i_was_taught_2b_cautious

Thanks for the info jem16.

Atush - yes cash ISA filled up for both of us.

Was looking at the Aviva managed fund via Cavendish online, approx £100 per month, but have been reading a lot about the charges etc reducing the pension in the end...?