Which SIPP scheme accepting NHS pension transfer in?

eirewrew

Hi,

I am trying to transfer my NHS pension to SIPP but finding it hard to find a provider who is willing to accept it.

HL, James Hay, A J Bell and many others won't touch it.

I believe I know what I am loosing. As a deferred member survival benefit is without enhanced protection, rise is CPI only, no flexibility of moving to overseas if needed, ill health benefit is most basic only. I am 38 years and and hence have got 17-23 years of compounding ahead of me before I could flexibly start withdrawing from 55-60 years of age, I can't stand to start having any payment from 65-67 years of age. I have got satisfactory life cover policy in place.

So, for me it's question of finding a SIPP provider who is flexible enough to accept the transfer.

Any tips?

Tx in advance.

mgdavid

eirewrew wrote: »

......Any tips?......

in maybe 95% of cases it would be 'think again'. You will need to find an IFA to review and sign off the transfer, which will not be easy to do. Others closer to the business will be along shortly to amplify.

xylophone

http://www.nhsbsa.nhs.uk/Pensions/4210.aspx

https://forums.moneysavingexpert.com/discussion/5053691
This thread may be of interest.

jem16

eirewrew wrote: »

Hi,

I am trying to transfer my NHS pension to SIPP but finding it hard to find a provider who is willing to accept it.

HL, James Hay, A J Bell and many others won't touch it.

Not surprising given what you're thinking of giving up. As said an IFA will be required to sign off such a transfer as it would be the wrong choice in 99/100 cases.

I believe I know what I am loosing. As a deferred member survival benefit is without enhanced protection,

Can you clarify this - what are you losing that you would gain by using a SIPP?

Do you have a spouse/children?

no flexibility of moving to overseas if needed,

Your NHS pension can be paid overseas.

ill health benefit is most basic only.

As opposed to what with a SIPP?

I can't stand to start having any payment from 65-67 years of age.

If you're a Deferred Member your normal retirement age is 60 or 65 depending on which section you were in. Which was it?

You can also take reduced benefits from age 55.

However why not use a SIPP in addition to the NHS pension. You can start to withdraw from that until your NHS pension kicks in.

So, for me it's question of finding a SIPP provider who is flexible enough to accept the transfer.

And an IFA willing to agree it's a good idea to transfer. Don't expect that to come cheap if you do actually find an IFA.

Any tips?

Tx in advance.

Yes think again as it's likely to be a bad idea.

atush

Find the IFA, they wil find the pension IF they sign off on it.

I can't see anywhere in your listed reasons (as Jem so easily debunked above) one single good reason to transfer it?

Where do you work now? When are you emigrating?