NHS Pension scheme

daddy65

Hi
I worked for NHS and contributed to NHS pension scheme from 2004 till 2011.
I then left the job and went self employed where in I didnt have any pension schemes.
I was wondering if I could retrieve NHS pension contributed so far and then start a SIPP towards my retirement plans.I am 50 and plan to retire in 15 years.

PeacefulWaters

daddy65 wrote: »

Hi
I worked for NHS and contributed to NHS pension scheme from 2004 till 2011.
I then left the job and went self employed where in I didnt have any pension schemes.
I was wondering if I could retrieve NHS pension contributed so far and then start a SIPP towards my retirement plans.I am 50 and plan to retire in 15 years.

Why not just start a SIPP?

daddy65

PeacefulWaters wrote: »

Why not just start a SIPP?

I read a SIPP leaflet saying it works better if we can bring any pevious pension contributions under one roof.And only previous pension contribution I had was while I worked for NHS

xylophone

You can't transfer out of the NHS scheme - the benefits are deferred until retirement age. http://www.nhsbsa.nhs.uk/Documents/Pensions/member_Deferred_Benefits_V2.0_07.2013.pdf

You can start a SIPP or other personal pension.

http://www.moneysavingexpert.com/savings/cheap-sipps

http://monevator.com/find-the-best-online-broker/

http://monevator.com/category/investing/passive-investing-investing/

If you need help, an IFA can assist - ring round to compare charges.

http://www.thepfs.org/yourmoney/find-an-adviser/

dunstonh

I read a SIPP leaflet saying it works better if we can bring any pevious pension contributions under one roof.And only previous pension contribution I had was while I worked for NHS

Stop reading that rubbish. It is wrong. In fact, if an adviser told you that, without any context or justification, then it would be a mis-sale. That is the level of quality you are reading. Consolidation, where there is justification, can be a good thing. However, moving a better pension into a worse pension just to consolidate is a bad thing.

SIPPs are an advanced investment product geared to the experienced investor wanting access to more advanced or more specialist types of investments. Generically, SIPPs are the most expensive option (caveat applies to that as it is possible to get low costs).

What is it about a SIPP that you think makes is better than one of the best pensions in the UK? (the NHS scheme). What is it that makes you think it is best for you for your ongoing contributions?
As it happens, you cant transfer the NHS pension. So, thankfully you will avoid making that mistake.

daddy65

dunstonh wrote: »

Stop reading that rubbish. It is wrong. In fact, if an adviser told you that, without any context or justification, then it would be a mis-sale. That is the level of quality you are reading. Consolidation, where there is justification, can be a good thing. However, moving a better pension into a worse pension just to consolidate is a bad thing.

SIPPs are an advanced investment product geared to the experienced investor wanting access to more advanced or more specialist types of investments. Generically, SIPPs are the most expensive option (caveat applies to that as it is possible to get low costs).

What is it about a SIPP that you think makes is better than one of the best pensions in the UK? (the NHS scheme). What is it that makes you think it is best for you for your ongoing contributions?
As it happens, you cant transfer the NHS pension. So, thankfully you will avoid making that mistake.

Thanks for the advice.
Now that I dont work for any governmental agency,what are the other pension options I have?

xylophone

what are the other pension options I have?

See my post above.
You can start a SIPP or other personal pension.

https://www.moneyadviceservice.org.uk/en/articles/personal-pensions

Have you yet obtained a new state pension statement? If not, it would be a good idea to apply for one.

https://www.gov.uk/government/publications/application-for-a-state-pension-statement

If you are unsure about DIY, you can consult an IFA.

AnotherJoe

daddy65 wrote: »

I read a SIPP leaflet saying it works better if we can bring any pevious pension contributions under one roof.And only previous pension contribution I had was while I worked for NHS

A little knowledge is a dangerous thing. Very dangerous in your case. Because that would not necessarily be true and almost certainly false in the case of defined benefit schemes such as NHS.

GunJack

Get a state pension statement? I assume you worked at some point between 16 and 35 (when started with NHS if 50 now) so if during that time you made no pension contributions you must have built up some SERPS/S2P?