New firefighter's pension for retained firefighters- transferring stakeholder pension

mrsbez_2

Hi,

My OH has been a retained firefighter for the past 11 years and has never been eligible to join the fire brigade pension.

They have now received information that they can join the NFPS which is a final salary scheme, contributions of 8.5% with employer contributing 14.2%. They can backdate membership to April 2006 but not before.


My OH has at present 2 personal stakeholder pensions that he contributes to and has done for the past 15 years. He pays about 60 per month in total. His fire brigade pay for a retained is about 5500-6000 per year variable.

Would it be worth transferring these stakeholders into the final salary scheme to top it up. The NFPS allows you to purchase extra years and make extra contributions.

Or would it be better to carry on with his stakeholders pensions and have this as an extra, if we can do that. He will serve at least another 20 years in the fire brigade.

Any advice???

dunstonh

My OH has at present 2 personal stakeholder pensions that he contributes to and has done for the past 15 years.

Stakeholder pensions were introduced in 2001 so he couldnt have paid into them for 15 years.

Would it be worth transferring these stakeholders into the final salary scheme to top it up. The NFPS allows you to purchase extra years and make extra contributions.

You have to do a cost/benefits analysis to see which would give the most money. Whichever gives the most benefits is the option to go with.

mrsbez_2

Thankyou, yes sorry he has had private pension which he has has for a while and then he took out a stakeholder pension in 2002. I'm very pregnant so brain has gone slightly loopy.

Having read more into it, i will try and work out if it will be of benefit.

thanks