Pension Conundrum

crazycraic

Hey,

I'm having a little difficulty working out what to do with my pensions, so i thought someone here might be able to help 😊

At the moment i have the following:

Local Government Pension - i have paid into this since January 2013, and most of the contributions have been career-average based (since final salary scheme was scrapped). I currently contribute 6.5% of my entire wage each month, and my latest evaluation was just under £1,500.00 per year

Hargreaves SIPP - currently valued at £1,000.00, although i have so far only consider a small, additional pot.

State Pension - contributions through work have so far earned me 12 qualifying years.

Now, the situation is thst i am preparing to leave the United Kingdom and relocate to Sweden with my partner and i am unsure what decision to make with these pensions...

I envisage i will finish working in Local Government by the end of 2018, and may make small contributions to my SIPP, here and there.

Would you recommend i continue paying into my government pension until i leave, or should i consider getting a transfer-out quote and move it to my private one?

I believe the government one will rise with the cost of living, but wondered if it's really financially viable to keep?

I'm 27 years of age, and once i get settled in Sweden i still have ample time to pursue other pension opportunities.

Any guidance will be appreciated

atush

I would keep paying in, and I would leave the pension where it is for now, as it will grow each year in deferment.

I would open any UK accts here now while you can that you might need (such as current or savings )as opening ones later tends to be difficult.

Moving to Sweden now with your partner is fine (congratulations) but do be aware that marriage can be a good idea in many such situations. Esp as regards your pensions.

crazycraic

Cheers!

I would happily close down the SIPP, and transfer it to my LGPS but they won't budge on the twelve month time limit... shame as i'm giving them an extra grand, and i don't really want two pensions once i move to Sweden.

But thanks for your input

crazycraic

And if anyone can recommend a simple, reasonable pension i could transfer them to at a later date... that'd be great

hyubh

crazycraic wrote: »

And if anyone can recommend a simple, reasonable pension i could transfer them to at a later date... that'd be great

Can't say I understand your obsession with transferring out the LGPS one, given your situation isn't much different to someone who exits the LGPS because they've got a new job in the UK. Unlike what - with Brexit - may happen to any state pension entitlement you have, you won't get downgraded benefits just for living abroad. So long as you have a bank account with an IBAN, you could be living in Timbuktu.

atush

You leave the LGPS where it is- it is valuable.

You add as much as you can to your SIPP while still tax resident. then leave it there until it is time to take it. Who knows where you will be living then?

There is no problem with having 2 or more pensions, just tell them where you are so they can send you statements.

You have far more to worry about with moving countries than this. A whole new winter wardrobe for starters?