Install the app
How to install the app on iOS

Follow along with the video below to see how to install our site as a web app on your home screen.

Note: This feature may not be available in some browsers.

Pension switch

Ming the Merciful

Ming the Merciful

Player Valuation: £6m
I've moved back into NHS and have option to switch my old work pension into their fund.

I have literally no financial knowledge but thought it made sense. Have checked online financial sites for advice but found it baffling and can't afford a financial advisor so thought I'd put my families financial future in hands of GOT.

If anyone has any idea about this I'd appreciate their thoughts.
 
Ming the Merciful said:
I've moved back into NHS and have option to switch my old work pension into their fund.

I have literally no financial knowledge but thought it made sense. Have checked online financial sites for advice but found it baffling and can't afford a financial advisor so thought I'd put my families financial future in hands of GOT.

If anyone has any idea about this I'd appreciate their thoughts.
Click to expand...
Message Martin Lewis. He lives for this sort of stuff, he thrives on it. If you can ham your situation up a little you might even make a national broadcast.
 
Ming the Merciful said:
I've moved back into NHS and have option to switch my old work pension into their fund.

I have literally no financial knowledge but thought it made sense. Have checked online financial sites for advice but found it baffling and can't afford a financial advisor so thought I'd put my families financial future in hands of GOT.

If anyone has any idea about this I'd appreciate their thoughts.
Click to expand...
That's not a lot to go on mate.

What's the NHS pension? Defined Benefit or Defined Contribution? Was the old pension a similarly scheme? Public or private sector?
 

Rita_Poon said:
Message Martin Lewis. He lives for this sort of stuff, he thrives on it. If you can ham your situation up a little you might even make a national broadcast.
Click to expand...
I was being serious here. Now I'm being laughed at. ML is pretty good, and actively pushes contact through his tv show to get viewers to reach out. He's so badass he got some family £30k+ back on their council tax. Exactly, those vipers!
 
Rita_Poon said:
I was being serious here. Now I'm being laughed at. ML is pretty good, and actively pushes contact through his tv show to get viewers to reach out. He's so badass he got some family £30k+ back on their council tax. Exactly, those vipers!
Click to expand...

Sorry mate was only laughing at the ham it up bit. He seems a good sort but I'm not being stitched up or anything, just need straight advice and I'm sure he has bigger fish to fry.

I went on a couple websites where he was mentioned but it all turned into gobbledegook percentage talk and it went over my head.
 
Ming the Merciful said:
Old pension was private sector aviva.

No idea about the NHS one, it's just the standard contributory one.
Click to expand...
I think the aviva one is defined contribution, which basically means you build up a pot of money and you have to make it last in retirement.

It looks like the NHS one is... "a defined benefit scheme. This means the scheme promises to pay you a guaranteed income when you retire based on your service and how much you earn."

Probably a better scheme in truth.

Not sure how they'll handle a transfer in though. Try doing some reading ya lazy sod! ;)
 

Ming the Merciful said:
Sorry mate was only laughing at the ham it up bit. He seems a good sort but I'm not being stitched up or anything, just need straight advice and I'm sure he has bigger fish to fry.

I went on a couple websites where he was mentioned but it all turned into gobbledegook percentage talk and it went over my head.
Click to expand...
Get all your options, and send him an email, he's a Goliath.

There's a chance he'll say start a new pension scheme where you are, and leave the old one where it is, and if possible chuck a few quid into that if you have it.

Pensions have not evolved for the better, so an old one could be left where it is with the favourable parts left in tact.

Martin Lewis is the guy, it'll be his team that deal with you. And I can't see him being a shyster, he's to much to lose when you turn up on the 6 o'clock news decrying him as the fraudster mob boss that's bubbled you proper.
 
Rita_Poon said:
Get all your options, and send him an email, he's a Goliath.

There's a chance he'll say start a new pension scheme where you are, and leave the old one where it is, and if possible chuck a few quid into that if you have it.

Pensions have not evolved for the better, so an old one could be left where it is with the favourable parts left in tact.

Martin Lewis is the guy, it'll be his team that deal with you. And I can't see him being a shyster, he's to much to lose when you turn up on the 6 o'clock news decrying him as the fraudster mob boss that's bubbled you proper.
Click to expand...
Yes, I've left any and every pension I have alone. Most are DB but once you transfer into a rival scheme they put them into a defined contribution pot, with a management fee. No.
 
Daveysgingerlovechild said:
I think the aviva one is defined contribution, which basically means you build up a pot of money and you have to make it last in retirement.

It looks like the NHS one is... "a defined benefit scheme. This means the scheme promises to pay you a guaranteed income when you retire based on your service and how much you earn."

Probably a better scheme in truth.

Not sure how they'll handle a transfer in though. Try doing some reading ya lazy sod! ;)
Click to expand...
Can you just take the pension on loan to the NHS for a season like Everton, it will end up with the financial equivalent of a busted ACL but will be a wild ride till the money is gone.
 
Daveysgingerlovechild said:
Yes, I've left any and every pension I have alone. Most are DB but once you transfer into a rival scheme they put them into a defined contribution pot, with a management fee. No.
Click to expand...
Lewis lives and breaths this stuff, the little details about costs and penalties they snare you with. It's a mighty serious topic for Friday night with a few beers running through the liver, if you want some help dreaming up some ham (no tittering at the back you!) I've a very active imagination. ;)
 

Welcome

Join Grand Old Team to get involved in the Everton discussion. Signing up is quick, easy, and completely free.

Register
Back
Top