To Transfer Pension or Not ??

scotch

Hi

Looking for some opinions about Mrs Scotch's pension.

She is being made redundant by the C.I.S (co-operative insurance society) after 15 years service-approx 11 years part time.

She is starting with the NHS.

Now,she has been advised by a so called IFA who was brought in by the CIS as part of the redundancy package,to leave her pension in the CIS and not to transfer it ,because he say's that the CIS scheme is top notch and hard to beat.

We are a bit stumped about what we should do,leave it or transfer it or anything else.
Has anyone got any knowledge of either schemes. or able to assist in any way.
Thanks in advance for any replies.

CAE

Your wife needs to obtain details of the transfer value that would be payable should she decide to move her pension benefits, together with full details of the benefits she would be entitled to on retirement, and when the benefits would become payable. The NHS will then in turn do their calculations, and inform your wife of the benefits she would be entited to in the NHS scheme. You would then need to compare the benefits and decide which is the best for your wife in her particular circumstances. The NHS pension scheme is a final salary based scheme, and is also increased in line with inflation. I also think that any transfer must be made within one year of commencing pensionable emloyment.

You need to be able to make an informed decision, so get all of the facts firs

EdInvestor

Now,she has been advised by a so called IFA who was brought in by the CIS as part of the redundancy package,to leave her pension in the CIS and not to transfer it ,because he say's that the CIS scheme is top notch and hard to beat.

This is possibly true, as the CIS is a pensions co and they usually have good staff schemes, but the NHS scheme, being Govt guaranteed is one of the few that would probably beat it.

Thus worth getting the calculations done IMHO.

dunstonh

Now,she has been advised by a so called IFA who was brought in by the CIS as part of the redundancy package,to leave her pension in the CIS and not to transfer it ,because he say's that the CIS scheme is top notch and hard to beat.

Why the negativity towards the IFA who has almost certainly given the correct advice?

scotch

dunstonh wrote:

Why the negativity towards the IFA who has almost certainly given the correct advice?

dunstonh--Apoligies to you and all the IFA's if it appears i am being negative towards you and your profession,it's just a bit if natural cynicism as the IFA was hired by the company, that the IFA thinks is the best.I hope you understand, i just wanted some other views and opinions.

CAE and Ed Investor--Thanks for the advice ,i will get Mrs scotch to do her homework.