Transfer out of Armed Forces Pension

Good_bad_and_ugly

hyubh wrote: »

Any quoted 'shortfall' isn't particularly meaningful because there is no pension fund to fall short - the pensions are just paid for out of general taxation. Put another way, any decision to transfer out based on the assumption the AFPS is rationally funded would itself be irrational

And that's why we have got into, and continue to hide our heads in the sand. USS is going from DB to DC. Its the first step towards (non pub) restoring sanity. If you don't think others will follow, you're deluding yourself.

hyubh

Good_bad_and_ugly wrote: »

I said it had planning opportunities, and it does - check out the new guidance on transferring AGPS75 or 05 into post April 15 NHS CARE. Can you not see the potential possibilities??!!

Tell us more...

For instance, and just one instance of many that I can think of, someone in ill health and with a younger partner would be mad not to consider it

Which, oddly enough, doesn't appear to fit the OP's position at all:

'I would like to transfer my pension not take a lump some or withdraw it as I am only 32. and only completed 7 years in the Armed Forces.'

Which of your 'many' scenarios for it being prudent to transfer out might the actual situation at hand fall under?

You need to take greater care before leaping in in such a dogmatic way. Your final paragraph is factually incorrect. You are missing so many other variables.

This is why I'd always take 'advice' with a pinch of salt on these types of message-boards. Everyone is obsessed with themselves and their thoughts - not what might be best for the asker of the question.

Might be an idea to stop digging at this point...

jem16

Good_bad_and_ugly wrote: »

I didn't suggest he should or could transfer into NHSPS and then transfer out

No but you suggested that he could transfer into the NHS scheme and then receive a refund of his contributions. This isn't possible.

For instance, and just one instance of many that I can think of, someone in ill health and with a younger partner would be mad not to consider it - would you not agree?

Not always as the spouse pension offered in DB schemes may be better.

Your final paragraph is factually incorrect.

How is it factually incorrect?

hyubh

Good_bad_and_ugly wrote: »

USS is going from DB to DC. Its the first step towards (non pub) restoring sanity. If you don't think others will follow, you're deluding yourself.

The USS is (a) funded (b) not a public sector scheme (it's trustee not statutory) and (c) not 'going from DB to DC' as such (the proposal is to cap DB accrual, not abolish it). Further, and as is the norm, the upcoming USS changes concern future accrual, not retrospectively downgrading already accrued benefits, yet the topic at hand is a deferred pension which the OP is minded to transfer out.

Good_bad_and_ugly

jem16 wrote: »

No but you suggested that he could transfer into the NHS scheme and then receive a refund of his contributions. This isn't possible.

Not always as the spouse pension offered in DB schemes may be better.

No, I said it was "permissible in some situations". And it is.

Are you suggesting a 50% survivors pension is better than having an entire DC pot???!!! Jesus.

mgdavid

Good_bad_and_ugly wrote: »

No, I said it was "permissible in some situations". And it is.

Are you suggesting a 50% survivors pension is better than having an entire DC pot???!!! Jesus.

Is this the 5-minute argument or the full half-hour?
( https://www.youtube.com/watch?v=kQFKtI6gn9Y at 1:40)

Your antagonistic and argumentative attitude is completely unhelpful to the OP and is also detrimental to the thread and the forum.
Now, how about you addressing the OP and providing some genuine help, rather than trying to pick holes in everybody else's contributions?

magpiecottage

It is all a bit academic. The scheme will not make the transfer and if it did the OP would have to find an Idiotic Financial Adviser prepared to do it in the near certain knowledge that FOS would uphold a complaint against them later.

atush

What a load of rubbish you do spout.

The OP is not in a DB scheme that we know of, so can't transfer their pension- period. So all your shouting and arguing mean nothing.

In any case, they want to transfer to a DC scheme not another DB one, and they cannot.

End of argument.

H's suggestion of quitting their job and getting one somewhere in the funded pension public sector was the only one that would work. And could be financial/career suicide to quit someones current employment just to transfer a pension.

jem16

Good_bad_and_ugly wrote: »

No, I said it was "permissible in some situations". And it is.

It was quite obvious that you thought it was possible to transfer into the NHS scheme and then leave within 2 years with your whole pension pot or you would never have mentioned it. Now that you've been shown it wouldn't be possible you're waffling and backtracking and pretending that that wasn't what you meant.

Are you suggesting a 50% survivors pension is better than having an entire DC pot???!!! Jesus.

If that survivor's pension was to be paid for something like 60 years and quite possibly with childrens' pensions too then yes it may well be better than a small DC pot.

Good_bad_and_ugly

jem16 wrote: »

It was quite obvious that you thought it was possible to transfer into the NHS scheme and then leave within 2 years with your whole pension pot or you would never have mentioned it. Now that you've been shown it wouldn't be possible you're waffling and backtracking and pretending that that wasn't what you meant.



If that survivor's pension was to be paid for something like 60 years and quite possibly with childrens' pensions too then yes it may well be better than a DC pot.

'If'. Well done, you're at last getting the hang of it. But what if surviving spouse had LTA issues and wanted to pass that bequeathed pot onto the children within two years? You get my point? Come on, you don't know enough facts to start offering advice. You shouldn't do it.

Is it possible to transfer out of DB? Yes, I gave the circumstance. Would it be beneficial in some circumstances? Yes, of course it would!!! How many scenarios do you need? I'm quite familiar with the process of transferring into CARE from DB via Transfer Club.