Can I/should I transfer my pension?

[George999]

Starting as a trainee driver in November and would like some advice on pension. I appreciate I'll find out more once I sign up to the pension with my TOC but just trying to plan ahead.
I currently have 12 years Fire service pension and would like to know if anyone has transferred a similar pension to their TOC's pension scheme. If so what benefit did it have to transfer rather than freeze and start again? Or can you not transfer?
I spoke to my current pension authority and they said I can transfer as long as it's a recognised pension authority. Would a TOC pension fall under this carergory or rather a private type?

I've never understood the pension scheme so any advice would be greatly received.

Thank you.

 

[Starman]

Hi George999. I have 15 years fireservice pension and came out of it a year ago as I'm currently in a talent pool awaiting a start date. Bit premature maybe but the extra money is coming in handy for the time being. I visited my brigades pension department last year to discuss my options where I was informed it can only be transferred to another government/local authority scheme therefore my 92 scheme contributions are frozen till I'm 60 and the one years worth of new scheme contributions frozen till 67. Hope this helps and congratulations on getting you're new job.

 

[George999]

Hi George999. I have 15 years fireservice pension and came out of it a year ago as I'm currently in a talent pool awaiting a start date. Bit premature maybe but the extra money is coming in handy for the time being. I visited my brigades pension department last year to discuss my options where I was informed it can only be transferred to another government/local authority scheme therefore my 92 scheme contributions are frozen till I'm 60 and the one years worth of new scheme contributions frozen till 67. Hope this helps and congratulations on getting you're new job.

Starman

Many thanks mate, I did think that may be the case.
Good luck, I hope you get some good news soon for a start date. It'll all be worth it in the end.

 

[driver9000]

Some TOCs will allow you to transfer your pension into the Railway Pension Service and some won't. Before deciding to transfer it in I would take proper financial advice for such a big thing like a pension.

 

[George999]

Some TOCs will allow you to transfer your pension into the Railway Pension Service and some won't. Before deciding to transfer it in I would take proper financial advice for such a big thing like a pension.

Thank you.

I've had mixed views on the best action to take with many saying freeze my current pension. I'm sure the railway pension scheme providers will. E able to advise me further but I'll speak to an independent advisor beforehand I think.

 

[Latecomer]

Some TOC's require you to have qualified before they will allow you to transfer over. Regardless, you go through a checking process whereby you submit details of your existing pension and RPMI then inform you how many years and months this buys you in the railway pension. Most people find that it is beneficial to transfer in given how train driver pay normally keeps ahead of inflation and the final salary nature of the scheme makes that scenario attractive.

You get this quotation before you accept or reject so the ball is firmly in your court once you know exactly how many years you can purchase.

 

[IanXC]

Thank you.

I've had mixed views on the best action to take with many saying freeze my current pension. I'm sure the railway pension scheme providers will. E able to advise me further but I'll speak to an independent advisor beforehand I think.

A scheme administrator is not going to advise you on whether you should or should not transfer contributions from some other third party scheme they will have no knowledge of. Only an independent advisor is going to do that - and be prepared to pay for that advice.

 

[scorchio]

I left the fire brigade after 19 years, my 1992 pension pot was to large to transfer over, Northern have a cap of £100,000, but I have transferred my one month contribution to the 2015 fire pension and received 60 days worth of railway pension.

 

[djsmith200]

Thank you.

I've had mixed views on the best action to take with many saying freeze my current pension. I'm sure the railway pension scheme providers will. E able to advise me further but I'll speak to an independent advisor beforehand I think.

did you find out any further info about transferring/freezing your pension mate?

 

[George999]

did you find out any further info about transferring/freezing your pension mate?

Hi mate.

I spoke to my current pension provider and they said once I sign up to the railway one, speak to them and see if it’s transferable. I will still get independent advice before I do if I can as it may not be beneficial to. I’ll keep you posted once I start and sign up.

 

[djsmith200]

Ok mate excellent cheers!

 

[djsmith200]

FYI i have spoke to my pension provider and they have said that it all depends on whether the RPS is a defined benefits, or defined contributions scheme. I have emailed the RPS asking for information about transfers in, so if i hear anything il post it on here

 

[CyrusWuff]

The Railways Pension Scheme offers both Defined Benefits and Defined Contributions options. Generally speaking, however, most new starters will go into the Defined Benefits Scheme.

At my employer, for example, they ended the Defined Contributions scheme around the time auto enrolment for workplace pensions started, as there were only a handful of members left in it.

 

[TheGreatISA]

I don't know too much about pension schemes but a lot of my managers/colleagues are on the BRASS pension scheme. They mentioned it the other day and told me to join when I'm eligible for it. I would recommend looking into this as it gives you a relieve on income tax and other benefits.

 

[Mojo]

I don't know too much about pension schemes but a lot of my managers/colleagues are on the BRASS pension scheme. They mentioned it the other day and told me to join when I'm eligible for it. I would recommend looking into this as it gives you a relieve on income tax and other benefits.

Brass isn't a pension scheme; it is a way of "topping up" your pension payouts by paying in Additional Voluntatry Contributions (AVCs), however you are right in that they are tax efficient and it is recommended to pay in AVCs.

 

[TheGreatISA]

Brass isn't a pension scheme; it is a way of "topping up" your pension payouts by paying in Additional Voluntatry Contributions (AVCs), however you are right in that they are tax efficient and it is recommended to pay in AVCs.

Haha Fair play. Like I said I don't know too much about it. But I'm glad you pointed that out to me. (Y)

 

[IanXC]

The Railways Pension Scheme offers both Defined Benefits and Defined Contributions options. Generally speaking, however, most new starters will go into the Defined Benefits Scheme.

At my employer, for example, they ended the Defined Contributions scheme around the time auto enrolment for workplace pensions started, as there were only a handful of members left in it.

Which is of course, exactly the opposite situation of virtually every other employer out there...

(Just in case anyone was thinking that DB and DC were the wrong way around in CyrusWuff's post).

 

[djsmith200]

Received by email today

''Further to your recent mail.

It is at your employers discretion which pension scheme they enter you in to. You will need to check this with them.

The Northern section of the DB railway pension scheme currently do allow transfer in’s to their section from pension schemes other than the railway.

Once we are instructed to set up a pension record for you a guide for members and welcome pack with information will be issued''