NHS can i transfer other pensions in ?.

adamcarvell

hi I'm about to start working for the NHS i have a db frozen pension from Argos with a cetv around 50k and a fidelity dc pension pot of around 20k of which I've just been made redundant from .
my question is am i allowed to transfer these pots into the NHS one once I've settled into the role or are they better kept seperate ?.

dunstonh

my question is am i allowed to transfer these pots into the NHS one once I've settled into the role or are they better kept seperate ?.

yes you can transfer in pensions in the first 12 months. As to whether its better to leave the old scheme or transfer it, you would need to do a comparison of what you are giving up versus what the NHS will offer you in return.

Silvertabby

You can ask the NHS to give you quotes, then it's up to you if you go ahead with the transfer(s) or not.

You'll be joining the NHS career average pension scheme. You'd be giving up your DB benefits if you transferred in your Argos pension, but it depends on what the NHS offer you.

adamcarvell

thanks for the quick reply the Argos one is frozen its defined benefit paying around £1500 per anum CETV £50k not sure how much it grows etc .
the fidelity one will be frozen from today thats a defined contribution one pot value £20 k.
im 51 years of age so 16 years left to work hopefully NHS job works out ok and stay.

adamcarvell

am i right in thinking NHS pension is contracted out ?. does this mean i won't be paying anymore national insurance contributions for the state pension as i need 4 more years to get the max.

molerat

Contracting out ended in 2016. You pay normal full NI now so will receive years against your SP entitlement.

adamcarvell

thanks for that molerat

xylophone

thanks for the quick reply the Argos one is frozen its defined benefit paying around £1500 per anum CETV £50k not sure how much it grows etc .
the fidelity one will be frozen from today thats a defined contribution one pot value £20 k.

Neither pension is "frozen" - the Argos pension is a deferred defined benefits pension - it will revalue in deferment.

https://www.barnett-waddingham.co.uk/comment-insight/blog/2012/07/24/revaluation-for-early-leavers/

The value of the DC pension will vary with the underlying investments.

You will need to think carefully about whether it is in your interest to transfer your benefits into the NHS scheme.

Your DC pension gives you flexibility as to when you draw it.

The benefits from the Argos Scheme may be available to you earlier than would be the case with the NHS Scheme.

You may wish to take advice from an IFA.

adamcarvell

The Argos one I can take at 55 i know that.
Got a pensionwise one from a company I worked for just over two years that went bust that makes £500 a year that i can take at 55 also.
Then I have a Phoenix life contracted out when i was younger worth £26k been told by unite union finance adviser at meeting we had at the place just been made redundant from said its making nothing. It was formerly britanic assurance.

ffacoffipawb

adamcarvell wrote: »

The Argos one I can take at 55 i know that.
Got a pensionwise one from a company I worked for just over two years that went bust that makes £500 a year that i can take at 55 also.
Then I have a Phoenix life contracted out when i was younger worth £26k been told by unite union finance adviser at meeting we had at the place just been made redundant from said its making nothing. It was formerly britanic assurance.

Don't trust Unite trade unionists with your finances ...

http://www.liverpoolecho.co.uk/news/liverpool-news/senior-union-officials-liverpool-insurance-3370746

xylophone

The Argos one I can take at 55 i know that.

With actuarial reduction? What is the NRA?

Then I have a Phoenix life contracted out when i was younger worth £26k been told by unite union finance adviser at meeting we had at the place just been made redundant from said its making nothing.

Is he qualified to give financial advice?

If you don't understand your schemes and what they offer, it will be in your own interests to take qualified financial advice.

https://directory.moneyadviceservice.org.uk/en

Some money spent now could save you much more in the future.

You have obtained a new state pension forecast?

https://www.gov.uk/check-state-pension