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    • nemoes
    • By nemoes 20th Oct 19, 6:05 PM
    • 13Posts
    • 1Thanks
    nemoes
    Pensions Consolidation Options
    • #1
    • 20th Oct 19, 6:05 PM
    Pensions Consolidation Options 20th Oct 19 at 6:05 PM
    Hi fellow money savers,

    My wife has recently changed jobs and is working part time for the NHS. She has 3 existing pensions from previous employers which total approximatley 40k.

    We understand she has the option to transfer these pensions into her NHS pension but are there other alternatives that she should consider? Currently she is not paying tax and has 20+ years before retirement.

    Thanks.
Page 1
    • xylophone
    • By xylophone 20th Oct 19, 6:51 PM
    • 31,620 Posts
    • 19,610 Thanks
    xylophone
    • #2
    • 20th Oct 19, 6:51 PM
    • #2
    • 20th Oct 19, 6:51 PM
    https://www.nhsbsa.nhs.uk/member-hub/transferring-scheme

    3 existing pensions from previous employers which total approximatley 40k.
    What kind of pensions are these?

    She may prefer to keep the flexibility of keeping her pensions outside the NHS because she may well be able to access them without actuarial reduction before NHS normal pension age.

    Also, once transferred in to the NHS Scheme, she would only be able to transfer out again into another Defined Benefits Scheme - a transfer out to a DC Scheme would not be permitted.
    • nemoes
    • By nemoes 20th Oct 19, 7:20 PM
    • 13 Posts
    • 1 Thanks
    nemoes
    • #3
    • 20th Oct 19, 7:20 PM
    • #3
    • 20th Oct 19, 7:20 PM
    Thanks Xylophone,

    They are all defined contribution scheme's 2 with Aviva and 1 with Standard Life. I ws wondering if a SIPP might be a reasonable alternative as it provides some flexibility and could be accessed, in my wife's case from 57?

    I've gone down this route and have set up a SIPP to run alongside my works pension for a similar reason.

    I suspect we will need to get an IFA to look at the options before we decide on the best course of action.
    • xylophone
    • By xylophone 21st Oct 19, 8:36 PM
    • 31,620 Posts
    • 19,610 Thanks
    xylophone
    • #4
    • 21st Oct 19, 8:36 PM
    • #4
    • 21st Oct 19, 8:36 PM
    They are all defined contribution scheme's 2 with Aviva and 1 with Standard Life.
    She might wish to consolidate into a SIPP as you suggest. Or perhaps consolidate with Aviva or Standard Life?
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