NHS PENSION.
Sep 6th 2007, 2:41 am
#16
Retired
Joined: Apr 2004
Posts: 34,649
Re: NHS PENSION.
Hi.
Your NHS pension is not static, it does grow but not at the same rate as if you were making contributions. Mine has grown by a 25% since I`ve been in oz. Am currently in the process of bringing over into a QROPS recognized super fund. (Not using a company as they charge approx 3% of the transfer value to complete this relatively simple excercise. Big bonus is that you do not on retirement have to purchase an anunity like you do in the UK. You can access the entire amount (lump sum) tax free!!! Think of the compounding growth when you move sterling amount into $AUD fund!!!! Cheers Mandy.
Your NHS pension is not static, it does grow but not at the same rate as if you were making contributions. Mine has grown by a 25% since I`ve been in oz. Am currently in the process of bringing over into a QROPS recognized super fund. (Not using a company as they charge approx 3% of the transfer value to complete this relatively simple excercise. Big bonus is that you do not on retirement have to purchase an anunity like you do in the UK. You can access the entire amount (lump sum) tax free!!! Think of the compounding growth when you move sterling amount into $AUD fund!!!! Cheers Mandy.
Moving pension to Australia may not seem such a good idea for those who end up returning to the U.K. or moving on to another country.
Sep 6th 2007, 10:54 pm
#17
BE Enthusiast
Joined: Mar 2006
Location: Pelican Waters
Posts: 374
Re: NHS PENSION.
Sep 7th 2007, 3:24 am
#18
Retired
Joined: Apr 2004
Posts: 34,649
Re: NHS PENSION.
Couldn`t resist another "positive" about bringing Pensions over to Oz, given the fact that you would be able to access the entire amount....Should you pop your clogs... your estate gets the whole amount..........Not reduced widower/widow pensions deemed as appropriate by the fund providers.... or swallowed back into the never ending void of the state should you both snuff it...
Many people on forums like this have an almost ideological passion for either transferring or not. Whereas in fact, there are positives and negatives in all cases.
I would be cautious before transferring an NHS pension. Just be conscious of what you are giving up and the fact that you can't undo the transfer later on if you decide to return.
Sep 9th 2007, 11:12 pm
#19
Account Closed
Joined: Sep 2006
Posts: 4,374
Re: NHS PENSION.
This may be misleading advice when applied to employer funded schemes.
Many people on forums like this have an almost ideological passion for either transferring or not. Whereas in fact, there are positives and negatives in all cases.
I would be cautious before transferring an NHS pension. Just be conscious of what you are giving up and the fact that you can't undo the transfer later on if you decide to return.
Many people on forums like this have an almost ideological passion for either transferring or not. Whereas in fact, there are positives and negatives in all cases.
I would be cautious before transferring an NHS pension. Just be conscious of what you are giving up and the fact that you can't undo the transfer later on if you decide to return.
the very reason i am leaving mine in the uk for the time being
, i will need to be 100%sure we're staying and i dont think that will happen until a couple of years down the line
Sep 10th 2007, 7:32 pm
#20
BE Enthusiast
Joined: Jul 2007
Location: Bundaberg the land of Rum from south wales the land of song!
Posts: 999
Re: NHS PENSION.
Hi.
Your NHS pension is not static, it does grow but not at the same rate as if you were making contributions. Mine has grown by a 25% since I`ve been in oz. Am currently in the process of bringing over into a QROPS recognized super fund. (Not using a company as they charge approx 3% of the transfer value to complete this relatively simple excercise. Big bonus is that you do not on retirement have to purchase an anunity like you do in the UK. You can access the entire amount (lump sum) tax free!!! Think of the compounding growth when you move sterling amount into $AUD fund!!!! Cheers Mandy.
Your NHS pension is not static, it does grow but not at the same rate as if you were making contributions. Mine has grown by a 25% since I`ve been in oz. Am currently in the process of bringing over into a QROPS recognized super fund. (Not using a company as they charge approx 3% of the transfer value to complete this relatively simple excercise. Big bonus is that you do not on retirement have to purchase an anunity like you do in the UK. You can access the entire amount (lump sum) tax free!!! Think of the compounding growth when you move sterling amount into $AUD fund!!!! Cheers Mandy.
Teryna
Sep 10th 2007, 10:17 pm
#21
BE Enthusiast
Joined: Mar 2006
Location: Pelican Waters
Posts: 374
Re: NHS PENSION.
Please do a search for pensions on this site, you will find many with good advice but remember everyone is different, you have to make your own mind up.
Sep 11th 2007, 6:50 pm
#22
The /wortley`s
Joined: Dec 2006
Location: Halesowen, West Midlands
Posts: 186
Re: NHS PENSION.
Hi, I am emigrating to Canada and enquired regarding my NHS pension, unfortunately if you leave the country you cannot continue paying into the pension if you no longer work for the NHS, so the pension fund is frozen until retirement age 55 or 60, it will still incur bonuses increasing its current value. Hope this helps
