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Scottish Pension Scheme: Do I take the money and run?

Discussion in 'Retirement' started by Redders180, Apr 2, 2019.

  1. Redders180

    Redders180 New commenter

    Hello,

    I'm just checking if anyone has been in a similar position before I contact my union for advice too.

    I trained and worked in England for a few years as a teacher, then worked for under a year in Scotland, before returning to England more than a year ago.

    I have, therefore, made pension contributions to the TPS and Scottish pension scheme. I am considering simply requesting a repayment of the Scottish contributions (I realise I will probably make a loss on some of that). Is that wise or should I be doing something more sensible? I am unsure that the Scottish pension payments can be transferred to TPS and I'm not fussed on having such a small pension pot if that is the case. I would love to hear from anyone who has been in a similar position.

    Many thanks!
     
  2. diddydave

    diddydave Occasional commenter

    Get expert advice, I am not one.

    However, I don't think you'll get better value putting your money anywhere else. Transferring to the TPS should be possible and it would take a lot to convince me I could do better in any other scheme.

    I would look out for qualifying periods, a single year in the Scottish scheme - does that even qualify you for pension benefits?

    If you can transfer it to the TPS then it gets inflationary increases PLUS 1.6% (for the periods you are in the TPS scheme), I've not seen any savings/scheme that adds that kind of value.
     
  3. piglet171

    piglet171 New commenter

    I moved from England to Scotland and had a very bitty-piecey pension history in England due to working a lot through supply agencies and not paying superann. Every single period of contributions, some as little as 3 months, was eventually transferred into the Scottish scheme and bumped up my record of service quite a bit. You could try the pension calculator with and without your Scottish service and compare with the contributions you could reclaim.
     

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