Meow

It's happening everywhere. Simple demographics and basic maths make it very clear that there have to be changes as current final salary schemes are unsustainable.

mr luvpants

I have a Firefighters pension in the UK that will pay out when I am 60. I am wondering whether to leave it is or to start "playing" with it. Any advice from some one who knows or has done it before?

dreadsoc

Hi

Again I would advise you contact your Union folk as one of them will be the 'pension dude' who knows the answer....then get a good financial advisor.

Dread -x

powersmurf

Hello all,

Just wanted to get some more advice if possible.

I have left the UK and am now living in the US. I have 6 years service with 5 years worth of pension. I am told that I can transfer it over here to the US. However, when I rang county Hall I was told that my pension is worth just over £11k after 5 years.

Here is what I do not get. The guy on the phone said that my pension is worth £2k per year and then you have the lump sum. But he said that my pension is worth £2k over the 5 years, with £9k as my lump sum?

If anyone has any knowledge or give a brief explanation of how the figure is worked out I would be forever grateful.

Cheers

tim010

I recently moved over my 7.5 year Police Pension to Canada and the value of it was about £55,000 so that amount you got quoted for 5 years seems way off!

Tim

powersmurf

Bloody hell, how much were you paying a month? The guy in the office said he would re-send a statement but he said it was worth £2k and then my lump sum of £9k. I don't get it at all. I can't remember how much I was paying each month but it was around £250 I believe (I was on the 35 year scheme).

So lets just say I did pay £250 a month. Over 5 years that is £15,000k without the police matching their side....or am I totally wrong?

Can I ask what force you were in?

tim010

TVP on the 'old' 30 year scheme

Tim

powersmurf

Can there still be that much difference between the 30 year and 35 year? With what I have been told, that means I am not getting what the police have put in....is that right?

tim010

I know the contributions were higher for the 30 year scheme but don't know enough about any of the schemes to know the detailed differences.

Tim

powersmurf

Mate what is the name of your company who you transferred your pension to? I was told I can transfer mine to a US based company however I have now been informed that the IRS does not allow this. I am thinking that maybe I can transfer it to Canada and cash it from there?? This is turning into a joke!!

Also, I had it confirmed that my pension is worth £11k after 6 years service. When I asked about the Police's contribution they could not answer it??!!!!

dreadsoc

I suggest you contact your old Police Federation office and get them to check it.......they are usually pretty accurate.

Dread - x

mjwalker007

Hi Powersmurf,

You would have to be a resident of Canada to transfer your UK pension here as it has to be placed within an RRSP.