SPPA pensions

whatstheplan

Hi All

As part of my 'retire earlier' plan, I recently contacted SPPA to ask if they could answer a few questions for me e.g. clarify what my lump sum and pension will be at 60 and 65 and to advise what these figures would look like if I start to make overpayments.

They have replied advising they cannot provide this information due to pending pension changes which I think refers to this:

Important update on your Pension: The Government's Approach to the 2015 Remedy | SPPA (pensions.gov.scot)

They further advise they cannot provide projected pension figures based on overpayments due to variables e.g. future basic salary increases, promotion etc.  They've directed me to the online portal which gives retirement figures, however it's very basic and has a disclaimer that if your pension is across more than one scheme (which mine is) the information provided might not be 100% accurate.

This has left me slightly disappointed as I don't want to start making overpayments without having at least a rough indication as to the effect on my future pension.  For example, if the figures look favourable I might elect to pump quite a lot in, if they don't then I might elect to pump less in and use the remainder in my S&S ISA.

Can independent pension advisors provide the information I require if I in turn provide them with my pension statement which details the schemes I'm in and the current money invested?  I would have thought SPPA would have been my best port of call but apparently not.

Thanks

Dazed_and_C0nfused

SPPA have more than one option for paying extra so you may get more responses if you actually specify what these "overpayments" are going towards.

https://pensions.gov.scot/nhs/your-membership/your-contributions/increasing-your-pension

whatstheplan

Dazed_and_C0nfused said:

SPPA have more than one option for paying extra so you may get more responses if you actually specify what these "overpayments" are going towards.

https://pensions.gov.scot/nhs/your-membership/your-contributions/increasing-your-pension

Thanks, yeah seen the link before.  This bit interests me:

Additional Pension can be bought in multiples of £250 up to a maximum of £5000 for the NHS 1995 and 2008 sections or £6750 for the NHS 2015 scheme. You can pay for it either as a single lump sum or through additional monthly contributions over a period of between one and 20 years.

I'm currently in both the1995 and 2015 schemes, so does this mean I can theoretically put in £11,750 per annum (£5000 + £6750) or will I be limited to £6750.  I also want to know what impact various levels of additional pension contribution would have on my projected lump sum and pension if I contribute up to age 60.  There are calculators that give indicative figures, however it's not straightforward as I'm across two schemes and I wouldn't start making additional payments based on completion of these forms.  Hence me wanting to talk it all through with a pension advisor.

As per my opening post, I might see the figures and think 'worth doing' or otherwise.

I'll put the feelers out to some local-ish advisors to see if they can assist.  It seems strange to me that I have a projected lump sum and pension figure for retiring at 2032, however I can't be provided with other projected models due to the reasons previously given.

Thanks again.

Dazed_and_C0nfused

Are you an active member of both schemes or just the 2015 scheme?

If you are a deferred member of the 1995 scheme then I suspect you will only be able to purchase added pension in the 2015 scheme.

There is a little bit more info here,

https://www.google.com/url?sa=t&source=web&rct=j&url=https://pensions.gov.scot/sites/default/files/2019-11/Additional%20Pension%20Quotation%20%28APQUOT%29_0.pdf&ved=2ahUKEwjHr77DivrvAhXGgP0HHUKDBvMQFjANegQIJhAC&usg=AOvVaw2SPuS9c_o6ECwNMQkHJQwP