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Transferring nest pensions to local government
loulou41
Posts: 2,871 Forumite
I need some advice regarding transferring two small pensions one from nest and local government. My son is due to start a full time job with the local government. He has two small pensions and am wondering whether he can transfer both of them. I know he can do transfer with local government but not sure about nest. Only approx three years of contribution with each company. Thanks
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Comments
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Yes. All you have to do is google on 'transferring out of NEST' for more info.Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0
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I need some advice regarding transferring two small pensions one from nest and local government. My son is due to start a full time job with the local government. He has two small pensions and am wondering whether he can transfer both of them. I know he can do transfer with local government but not sure about nest.
There is a possibility that the administering authority of the new LGPS fund will have a policy of not allowing so-called non-Club transfers in, which if so, would rule out the Nest one (non-Club transfer = not from another public sector scheme) - check the website.0 -
hyubh beat me to it. The GAD factors for transferring in non-club scheme benefits are so generous many employers have exercised their discretionary powers not to allow transfers in.0
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If it is possible to transfer your pension in, what are the main benefits of doing so?2017 £4231.40/£4231.40 (100%)
2018 £3483.18/£3483.18 (100%)
2019 £2663/£2841.70 (94.65%)
2020 £2290.17/£2290.17 (100%)
2021 £1787.98/£1787.98 (100%)
2022 Mortgage settled
Mortgage neutral since 02/06/20
Mortgage free since 10/05/22 🎉0 -
Loan_soldier wrote: »If it is possible to transfer your pension in, what are the main benefits of doing so?
Transferring in the Nest pension will exchange a tiny DC pension for a small amount of additional DB pension, increasing by CPI every year, for a pretty good rate. Transferring/aggregating the old LGPS pension will just consolidate (will be like-for-like unless the old LGPS pension has final salary benefits and the gap between old and new is over 5 years).0
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