NHS Pension ? time to transfer
Jan 13th 2012 | 10:00 am
#1
Thread Starter
Forum Regular
Joined: Feb 2009
Posts: 137
From: Northshore, Auckland
NHS Pension ? time to transfer
Hi Everyone 
Not posted on here for a while, been in NZ nearly 2 years now
I know that this has probably been done to death but I am really stuck on making a decision about my NHS pension.
I have a 19 year old NHS pension back in the UK, I also have a home back in Manchester which is rented out. As you can imagine with the money back in the UK we have a pretty large Mortgage here living on the Northshore!
However, I have toyed with the pension thing since moving but never really understood it that well. I hear the financial distress in the UK and think errrrr maybe leaving it there is not the best idea on the other hand recognise it is one of the best pension schemes.
Another reason that has brought this to the forefront is that the pension transfer people say that there is new changes from April 2012 and you can no longer release 49% in 5 years - this is going to 10 years???? therefore if i want to get it over I have to act now
I guess my motivation is that it will help pay off some of the mortgage - dont want to sell the house in the UK due to the crap housing market only to be then shafted with the exchange rate.
Then part of me feels ? leave the lot hope everything improves in the mid-term (10 year plan)
As far as I am aware we will never move back as our family have a great life here 
and despite things being a little tight we live well!
I have always had really sound advice and food for thought from the site, so come on what are your thoughts (please do not be too technical with me )
Not posted on here for a while, been in NZ nearly 2 years now
I know that this has probably been done to death but I am really stuck on making a decision about my NHS pension.
I have a 19 year old NHS pension back in the UK, I also have a home back in Manchester which is rented out. As you can imagine with the money back in the UK we have a pretty large Mortgage here living on the Northshore!
However, I have toyed with the pension thing since moving but never really understood it that well. I hear the financial distress in the UK and think errrrr maybe leaving it there is not the best idea on the other hand recognise it is one of the best pension schemes.
Another reason that has brought this to the forefront is that the pension transfer people say that there is new changes from April 2012 and you can no longer release 49% in 5 years - this is going to 10 years???? therefore if i want to get it over I have to act now
I guess my motivation is that it will help pay off some of the mortgage - dont want to sell the house in the UK due to the crap housing market only to be then shafted with the exchange rate.
Then part of me feels ? leave the lot hope everything improves in the mid-term (10 year plan)
As far as I am aware we will never move back as our family have a great life here and despite things being a little tight we live well!I have always had really sound advice and food for thought from the site, so come on what are your thoughts (please do not be too technical with me
)
Jan 13th 2012 | 1:10 pm
#2
`
Joined: Oct 2003
Posts: 38,634
Re: NHS Pension ? time to transfer
My husband moved his NHS pension over a while ago.We had dithered about our pension funds for a good 5/6 years. The concern that pushed the decision in the end was knowing that rules could & had changed + what we heard from his family with similar/same pension schemes over there.
In the end we brought them all over, including the NHS one . We used part of the funds & some money my Dad left me to get rid of our mortgage here. Best thing we have done IMVHO & I do wish we had done this earlier. The rest is in a 'pot' earning a bit of dosh.
We used Jeremy at Broadbase . He's not pushy at all. Is patient . Explains things properly we found and made the transfer go very smoothly.
If you do transfer do make sure of exactly when you can release funds if that is your intention & what the rules are governing this.
In the end we brought them all over, including the NHS one . We used part of the funds & some money my Dad left me to get rid of our mortgage here. Best thing we have done IMVHO & I do wish we had done this earlier. The rest is in a 'pot' earning a bit of dosh.
We used Jeremy at Broadbase . He's not pushy at all. Is patient . Explains things properly we found and made the transfer go very smoothly.
If you do transfer do make sure of exactly when you can release funds if that is your intention & what the rules are governing this.
Jan 13th 2012 | 1:34 pm
#4
Thread Starter
Forum Regular
Joined: Feb 2009
Posts: 137
From: Northshore, Auckland
Re: NHS Pension ? time to transfer
My husband moved his NHS pension over a while ago.We had dithered about our pension funds for a good 5/6 years. The concern that pushed the decision in the end was knowing that rules could & had changed + what we heard from his family with similar/same pension schemes over there.
In the end we brought them all over, including the NHS one . We used part of the funds & some money my Dad left me to get rid of our mortgage here. Best thing we have done IMVHO & I do wish we had done this earlier. The rest is in a 'pot' earning a bit of dosh.
We used Jeremy at Broadbase . He's not pushy at all. Is patient . Explains things properly we found and made the transfer go very smoothly.
If you do transfer do make sure of exactly when you can release funds if that is your intention & what the rules are governing this.
In the end we brought them all over, including the NHS one . We used part of the funds & some money my Dad left me to get rid of our mortgage here. Best thing we have done IMVHO & I do wish we had done this earlier. The rest is in a 'pot' earning a bit of dosh.
We used Jeremy at Broadbase . He's not pushy at all. Is patient . Explains things properly we found and made the transfer go very smoothly.
If you do transfer do make sure of exactly when you can release funds if that is your intention & what the rules are governing this.
Thanks Bevs that is really useful
