Transfer from personal pension to NHS Scheme

jwomorningglory

Hi,

Just after a sense check on my potential transfer. My personal pension appears to offer better benefits based on suspicious assumptions and no guarantees. The NHS Scheme seems to offer less, but has guarantees. Is this just the usual balance of risk and reward? 

Personal pension pot worth about £10k

Providers projections claim I could get a £1k annuity at age 68 (today's money) based on 7%(!) growth/year.

Not linked to base rate or any other guarantees. 

NHS Pensions will give me a pensionable earnings credit of £38k for this.

That's equivalent to £700 annuity at age 68 in today's money.

Linked to CPI (Treasury Orders) plus 1.5% revalued annually.

Any thoughts much appreciated. 

zagubov

Is there a time limit for making the transfer? In some schemes it has to be within a year of taking the job.

SonOf

NHS will only accept transfers in during the first 12 months.

jwomorningglory

Yep the transfer in request has to start within 12 months of starting the job, and I'm well within this.

Anyone any thoughts on what else I should be thinking about or researching, or just get an IFA?  Hardly worth them taking it. Think I'll ring both schemes and see what they can tell me without it being advice. 

Thrugelmir

Having a separate pot will give you options once retirement approaches. Likewise if you have no need of money immediately you could leave it invested.