Pension switch

[Ming the Merciful]

I think the aviva one is defined contribution, which basically means you build up a pot of money and you have to make it last in retirement.

It looks like the NHS one is... "a defined benefit scheme. This means the scheme promises to pay you a guaranteed income when you retire based on your service and how much you earn."

Probably a better scheme in truth.

Not sure how they'll handle a transfer in though. Try doing some reading ya lazy sod!

I read the NHS pension guide and rang the advisor when I saw you could transfer and they sent me the forms to send to aviva.

I then rang aviva and they asked if I'd taken financial advice on this decision.
Pre-empting this thread I said I had.

So basically I'm just waiting for them to send all my details to me I can then send to NHS pension.

As long as nobody has knowledge it's a really bad idea I think I'll go for it, I've always thought public sector pensions are pretty good although admittedly that's mainly based on the angry thoughts of @peteblue

 

[Rita_Poon]

Ah, The Deli Ali of pensions.

I'd retire on Lake Como if I could like!

 

[goldfinchmule]

I'm sure there will be a financial advisor on here who'll be able to help.

Think matty is clued up on this sort of thing.

 

[Rita_Poon]

I read the NHS pension guide and rang the advisor when I saw you could transfer and they sent me the forms to send to aviva.

I then rang aviva and they asked if I'd taken financial advice on this decision.
Pre-empting this thread I said I had.

So basically I'm just waiting for them to send all my details to me I can then send to NHS pension.

As long as nobody has knowledge it's a really bad idea I think I'll go for it, I've always thought public sector pensions are pretty good although admittedly that's mainly based on the angry thoughts of @peteblue

Martin
Frigging
Lewis

!

 

[Daveysgingerlovechild]

I read the NHS pension guide and rang the advisor when I saw you could transfer and they sent me the forms to send to aviva.

I then rang aviva and they asked if I'd taken financial advice on this decision.
Pre-empting this thread I said I had.

So basically I'm just waiting for them to send all my details to me I can then send to NHS pension.

As long as nobody has knowledge it's a really bad idea I think I'll go for it, I've always thought public sector pensions are pretty good although admittedly that's mainly based on the angry thoughts of @peteblue

I'd just be looking at any fees to manage your old aviva pension. Also exactly how the NHS pension scheme will treat the transferred in funds.

Put simply, you don't want to be worse off from transferring in. That's where a professional advisor is probably not a bad route.

Setting that aside, I rather suspect that what the NHS contributes as an employer and what you contribute will build up a larger pot, with better pay out than the respective contributions to the Aviva one from your old employer.

@peteblue knows pensions. He's got two gold plated ones. Theyre so good that they are taxed so much they basically run Britain and he can also employ his whole village with the spare change.

 

[Ming the Merciful]

Think I'll see if employee support or the union offer some some of financial advice.

Thanks guys much appreciated.

I used to post pics in the fit birds thread on a Friday night and now it's come to this ffs.

 

[Rita_Poon]

I'd just be looking at any fees to manage your old aviva pension. Also exactly how the NHS pension scheme will treat the transferred in funds.

Put simply, you don't want to be worse off from transferring in. That's where a professional advisor is probably not a bad route.

Setting that aside, I rather suspect that what the NHS contributes as an employer and what you contribute will build up a larger pot than the respective contributions from the Aviva one and your old employer.

So depending on penalties, transferring may not be such a great move, and leaving it where it is whilst starting a new one could be ok. Not least because you could have lump some options later down the line. This will be important when means testing (if you think it'll get to that) comes in, having a choice over guaranteed pension income and how that'll affect income pa and then obligations and entitlements could work in your favour.

 

[Daveysgingerlovechild]

So depending on penalties, transferring may not be such a great move, and leaving it where it is whilst starting a new one could be ok. Not least because you could have lump some options later down the line. This will be important when means testing (if you think it'll get to that) comes in, having a choice over guaranteed pension income and how that'll affect income pa and then obligations and entitlements could work in your favour.

Exactly. Also depends on the size of the old pot and how long Ming has left in terms of working life etc.

It's very complicated

 

[john jako]

Go and speak to your locals citizen advice bureau. And then go and get some advice for your pension pal.

 

[john jako]

Show us your pension thread?

 

[cronullasharks]

@Ming the Merciful just had a thought. Why don't you try Martin Lewis?

 

[Daveysgingerlovechild]

@Ming the Merciful just had a thought. Why don't you try Martin Lewis?

Does he post on GOT?

 

[john jako]

Martin Lewis is the Alan Myers of the financial world

 

[cronullasharks]

Does he post on GOT?

Yes, goes by the user name @Joey66

 

[cronullasharks]

Martin Lewis is the Alan Myers of the financial world

Who is Martin Lewis?