Transfer Teachers Pension

midsomer

I joined teachers pensions in June 2000 and left teaching in April 2013. I worked for a private company from April 2013 to September 2014 and have a very small Scottish Widows pension which I already know will be worth virtually nothing.

In October of 2014 I joined the Civil Service and opted for a Nuvos pension which will convert into an Aplha scheme in April.

I am at a loss as to whether I should transfer my teachers pension into my civil service pension? I know the teachers pension gets a CPI uplift annually while I am not contributing but does this run out? I also know if I transfer the TP it will affect the age I can take the money at.

Would my TP transfer under the alpha scheme or the current nuvos scheme...sorry for all the questions - I am at a complete loss trying to navigate this mine field.

jem16

midsomer wrote: »

I am at a loss as to whether I should transfer my teachers pension into my civil service pension? I know the teachers pension gets a CPI uplift annually while I am not contributing but does this run out? I also know if I transfer the TP it will affect the age I can take the money at.

You need to compare the benefits of the two schemes. As they're both members of the transfer club, you'll get the equivalent benefits. However main differences would be the retirement age and how you expect your future salary to progress.

Your TPS will continue to rise with CPI and it won't run out.

Would my TP transfer under the alpha scheme or the current nuvos scheme...sorry for all the questions - I am at a complete loss trying to navigate this mine field.

Can't answer that for sure but I would expect it to be years of final salary service that's transferred.