Teachers Pension - Less than 2 years qualifying service.

JoeCrystal

capstoneh said:

A long time ago - more than ten years

And the fact she can only transfer her old pension into the LGPS within the year of starting the job (AND if the employer permits it). Otherwise it is too late. So the LGPS is quite right here if she already over a year.

QrizB

JoeCrystal said:

capstoneh said:

A long time ago - more than ten years

And the fact she can only transfer her old pension into the LGPS within the year of starting the job (AND if the employer permits it). Otherwise it is too late. So the LGPS is quite right here if she already over a year.

So, if she can't transfer into LGPS, she'll have to start another pension and transfer into that. Starting a pension is relatively quick and easy.

I don't have any particular recommendations for a pension provider, other than to say this is what PensionBee claim as their entire reason for existing solar maybe they'd be a reasonable choice, at least two get the transfer done?

capstoneh

Thanks both. She was paying into her LGPS and Teachers Pension at the same time - she didn’t realise she didn’t qualify until it was too late. 

I will have a look into Pension Bee, thanks. Is it possible to open a pension this close to retirement? She may only have 7 months or so. 

Really appreciate all your help!

LHW99

Since you can pay into a SIPP or personal pension till age 75, I assume you could also open one.

Hargreaves Lansdown (HL) is often mentioned, as one that is low cost if she should want to retain the transfer money as cash and access it fairly soon. Others are available, and if she doesn't need to access the money now, then investing it may be better. Depending on the amount and what she would want to invest in, a % charge (light HL) or a fixed charge (Interactive Investor?) may work out cheaper.

Dazed_and_C0nfused

capstoneh said:

Hi all
Sorry to resurrect an old post but my mum is having a similar problem at the moment. 

She doesn’t quite have enough service with her Teachers Pension (1yr 202 days) to make it payout. She’s due to retire at the end of 2025. 

The only other pension she has is a LGPS one and they have told her that she’s unable to transfer the TP in to LGPS. Does this sound right?
With no other pensions is her only option to ask for her contributions back? 

Many thanks 

Asking for her contributions back is to be avoided.  She will lose all the employer contributions and have non refundable tax deducted from hers.

A transfer is definitely the way to go.  She will be pleasantly surprised at the difference in value.