Transfering Pensions

Gamer 69

Old-Salt
I tried looking (honest)!

I am about to start with the MOD. I have the following pensions:
  • Scottish Widows (Workplace) - 1 year
  • NHS - 11 years
  • AFPS 75 - 4.5 years
  • AFPS 05 - 1 year (recalled and unable to top up AFPS 75).
  • ALPHA - 6 months
Ideally, I would like to consolidate them all into 1 pot. Obviously the ALPHA pension is already there. The Scottish Widows and AFPS 05 seem small enough to just transfer into them without any severe financial hardship and from an admin point of view would be easier to put in, in case the worst happens and the wife needs to apply for this.

Is there a compassion site or something, which I can see the net changes of moving the larger NHS or AFPS 75 into ALPHA? AFPS 75 has a lower pension age, and the NHS is a decent amount, so I am slightly more skeptical of losing value out on these schemes.

It doesn't seem cost efficient to see a financial adviser for this.
 
I tried looking (honest)!

I am about to start with the MOD. I have the following pensions:
  • Scottish Widows (Workplace) - 1 year
  • NHS - 11 years
  • AFPS 75 - 4.5 years
  • AFPS 05 - 1 year (recalled and unable to top up AFPS 75).
  • ALPHA - 6 months
Ideally, I would like to consolidate them all into 1 pot. Obviously the ALPHA pension is already there. The Scottish Widows and AFPS 05 seem small enough to just transfer into them without any severe financial hardship and from an admin point of view would be easier to put in, in case the worst happens and the wife needs to apply for this.

Is there a compassion site or something, which I can see the net changes of moving the larger NHS or AFPS 75 into ALPHA? AFPS 75 has a lower pension age, and the NHS is a decent amount, so I am slightly more skeptical of losing value out on these schemes.

It doesn't seem cost efficient to see a financial adviser for this.
@Gamer 69,

No point asking on here if you want compassion.;)
Given the complexity of your current Pensions, I would suggest that you need to get professional advice. Relying on advice gleaned from the internet (most likely from people who do not know the specific Laws, Terms and Conditions, etc. governing your current Pensions is bonkers.
Consider joining the Forces Pension Society (only £40 FFS!) or paying a Pensions Adviser (probably a few hundred quid), they could potentially save (or gain) you thousands!

@Forces Pension Society and @Bravo_Bravo will be able to advise how to go about getting the advice you seek.
 

Forces Pension Society

Sponsor
Sponsor
You need to chat to a financial advisor on this, Gamer 69. The thing about AFPS 15 is that, if you do not stay in military employment until age 60, you have to wait until your state pension age for benefits. You need to look to see what would be paid from your existing benefits before your state pension age and make a judgement.

The Pathfinder mag at link has an article about transferring benefits out of AFPS but the points about things to consider work for transferring in too.

 
It doesn't seem cost efficient to see a financial adviser for this.
You want advice on something worth quite possibly hundreds of thousands of pounds, but don't want to pay for professional guidance...

Good luck.
 
What Bravo_Bravo said. With bells on and flashing lights.

Additionally, a quick glance at your list in my capacity as an anonymous bloke on the internet suggests at least one of your pots is a defined benefit (DB) schemes. Whether or not you can say which is a DB or DC pension, if you have a DB scheme you MUST take paid professional advice before even being allowed to move it.
 

Type 66

Old-Salt
My personal bias is.......do not let for profit companies get hold of your NHS and Military pensions.
 
@Gamer 69

You cannot transfer out of unfunded public sector schemes to consolidate into one pot.

You MAY be able to move accrued benefit from one public sector scheme to another, but the rule is that you cannot transfer an unfunded public sector scheme to another one that permits benefits to be accessed flexibly - aka a personal pension.
 
In a nutshell, you can transfer out into a UK Defined Benefit Scheme. Transfers to other schemes and overseas schemes have off the cards for over 5 years.
You will find most UK DB schemes will not want to take on the liability of a deferred member of the AFPS.
 
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