Firefighter Pension - Am i doing the right thing?

atush

hugh, your points do make sense for a young early leaver.

But the OP has already 5 years in th scheme and is planning to stay much longer. So not really the same.

Vermonta

Hi , I hope you don't mind me jumping in in this thread but I'm a similar situation myself.
To summarise, I'm a serving Firgighter of nearly 9 years, my wife and I are planning to emigrate to the U.S. later this year. My question is are there any benefits of me leaving my firefighter pension where it is? As I do not see myself returning to and continuing to pay in etc. If I leave it where it is, what are the benefits? Will it stay the same ? Or would I be better off taking it out and using it to set up a SIPP and then continue paying into the SIPP when I start employment in the US? (If this permitted).
Sorry if this is a blatantly obvious decision, I am not very well versed in these matters and our brigade pensions "expert" would appear to be .... Well not an expert!

Many thanks

jem16

Vermonta wrote: »

If I leave it where it is, what are the benefits? Will it stay the same ?

If you leave your benefits will be calculated on leaving date. They will then increase in line with CPI each year until the normal retirement date. At that point it would be paid to you no matter where you are.

Or would I be better off taking it out and using it to set up a SIPP and then continue paying into the SIPP when I start employment in the US? (If this permitted).

The transfer value that you get will unlikely be anywhere near what you will get if you leave it where it is. You will also lose the survivor benefits that will give your wife a pension and possible lump sum should you die first.

Moving it to a SIPP will lose the guaranteed benefits of your current pension and you will instead be subject to stockmarket returns. You will not be able to contribute to it unless you are a UK taxpayer.

There is always the chance that you could be one of the few who would benefit and you would definitely need an IFA to advise and sign off such a transfer.