Originally posted by pmeswani
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Reply to: Transferring Civil Service Pensions
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Previously on "Transferring Civil Service Pensions"
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Originally posted by SueEllen View PostThe general advice is not to transfer final salarly pensions especially if they are public sector ones as the UK taxpayer is unlikely to go bust.
The government is actually looking at introducing sweetners later on down the line to make the likes of you transfer out. The only reason they are doing this is because it will cost them much less. So obviously it's clear that you are better off keeping that small amount of money in the civil service pension you have.
BTW if you end up with a few kids you won't be retiring at 50. (And as a guy it can happen at any time until you keel over.) Though it doesn't mean you won't be working part-time on your plan B or C.
Am not saying it is definitely going to happen, but it wouldn't surprise me if the Government weren't thinking about it.
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Originally posted by SimonMac View PostI am thinking more one the lines that as I am only 30 now, and not going to see my CS pension until I am 65, if I transfer it, make it work and retire at 50 the extra 15 years will make it worth while.
The government is actually looking at introducing sweetners later on down the line to make the likes of you transfer out. The only reason they are doing this is because it will cost them much less. So obviously it's clear that you are better off keeping that small amount of money in the civil service pension you have.
BTW if you end up with a few kids you won't be retiring at 50. (And as a guy it can happen at any time until you keel over.) Though it doesn't mean you won't be working part-time on your plan B or C.
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Originally posted by SimonMac View PostI am thinking more one the lines that as I am only 30 now, and not going to see my CS pension until I am 65, if I transfer it, make it work and retire at 50 the extra 15 years will make it worth while.
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I am thinking more one the lines that as I am only 30 now, and not going to see my CS pension until I am 65, if I transfer it, make it work and retire at 50 the extra 15 years will make it worth while.
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Originally posted by TestMangler View PostSimon,
I''ve got an old one (1979-1994, giving me 15/80 of final salary and lump sum of 3x annual pension). When i looked into transferring it into a SIPP it was quickly obvious that it wasn't worth doing as the cash transfer value wasn't even close to the potential requirement to get 'similar' benefits.
It all depends on what your CS pension was like (i.e. terms) but wasn'[t even close to being worth it for mine.Last edited by mudskipper; 29 January 2012, 11:50.
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Originally posted by SimonMac View PostLooking at setting up a SIPP, and I assume if I want to get the most of it the more money I can put in there to start me off with the better, so was thinking as in a previous life I took the governments schilling it might be worth while transferring that in as it's frozen at the moment.
Does anyone have any experience of transferring a Civil Service Pension into a SIPP? I've emailed my Pension Administrator but that's gonna take 10 days for an answer, also emailed the broker I want to transfer to, and again waiting for their response, just wanted to throw it to the massed peers to see if anyone has done this before.Originally posted by TestMangler View PostSimon,
I''ve got an old one (1979-1994, giving me 15/80 of final salary and lump sum of 3x annual pension). When i looked into transferring it into a SIPP it was quickly obvious that it wasn't worth doing as the cash transfer value wasn't even close to the potential requirement to get 'similar' benefits.
It all depends on what your CS pension was like (i.e. terms) but wasn'[t even close to being worth it for mine.
I know they changed the pension provisions for the PCSPS around 2002ish as my wife had to decide whether which of 3 options they gave her regarding her civil service pension but even so, she'll still get a lump sum and weekly pension inflation proofed.
If you joined the CS after 2002ish then maybe migrating is worthy of consideration but I'd be very, very careful if I were you. I know people who transferred out of PCSPS and they have seriously regretted it, in some cases ending up with no occupational pension now.
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Simon,
I''ve got an old one (1979-1994, giving me 15/80 of final salary and lump sum of 3x annual pension). When i looked into transferring it into a SIPP it was quickly obvious that it wasn't worth doing as the cash transfer value wasn't even close to the potential requirement to get 'similar' benefits.
It all depends on what your CS pension was like (i.e. terms) but wasn'[t even close to being worth it for mine.
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Originally posted by SimonMac View PostLooking at setting up a SIPP, and I assume if I want to get the most of it the more money I can put in there to start me off with the better, so was thinking as in a previous life I took the governments schilling it might be worth while transferring that in as it's frozen at the moment.
Does anyone have any experience of transferring a Civil Service Pension into a SIPP? I've emailed my Pension Administrator but that's gonna take 10 days for an answer, also emailed the broker I want to transfer to, and again waiting for their response, just wanted to throw it to the massed peers to see if anyone has done this before.
Leave a comment:
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Transferring Civil Service Pensions
Looking at setting up a SIPP, and I assume if I want to get the most of it the more money I can put in there to start me off with the better, so was thinking as in a previous life I took the governments schilling it might be worth while transferring that in as it's frozen at the moment.
Does anyone have any experience of transferring a Civil Service Pension into a SIPP? I've emailed my Pension Administrator but that's gonna take 10 days for an answer, also emailed the broker I want to transfer to, and again waiting for their response, just wanted to throw it to the massed peers to see if anyone has done this before.Tags: None
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