Civil Service pensions? (Nuvos or partnership)

kavomix

magsirl, you might also want to take into account that to qualify for the NUVOS pension you need to have a minimum of 2yrs service. If you only end up being there for 1yr then they will pay you back your money plus any growth. So you need to look into and see whether there are any options for you to go beyond 1yrs service. Don't worry though as you have 3 months to confirm what pension you want to enter (NUVOS or partnership) so this should give you some time to gather whether there are jobs internally or externally for your to apply for

hope this helps

Andy_L

kavomix wrote: »

magsirl, you might also want to take into account that to qualify for the NUVOS pension you need to have a minimum of 2yrs service. If you only end up being there for 1yr then they will pay you back your money plus any growth.

You will only get back your contributions, less any tax relief. IIRC the time limit is now under 1 year to get a refund for Nuvos

magsirl

Many thanks for all your replies and tips! I will keep reading on here to try and learn some more. Mags xx

kavomix

Andy, when did they reduce the qualifying time to under a yr?
the civil service pension site still quote 2yrs, although it does also state that if you transfer in from another occupational scheme they do count towards the 2yrs. so if you have an occupational scheme from another employer it might be worthwhile investigating whether you are better off to transfer

Andy_L

that's why it's an IIRC :-)
Bit of research, if you leave Nuvos with under 3 months you get your contributions & S2P refund. Less than 2 years you get the same as above OR a transfer. More than 2 years you get a frozen pension or a transfer.
I think it was LGPS that did away with the 2 year rule, although, again IIRC, strangely not if you were in the Scottish LGPS