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Transferring money from elsewhere - good idea?

Discussion in 'Retirement' started by piglet171, Nov 15, 2015.

  1. piglet171

    piglet171 New commenter

    I wonder whether anyone else might have been in my position and might therefore have good advice.
    For a while I have been getting letters from Scottish Widows about an account I have. I thought it was a mistake, but eventually rang up and found out that I have a bond (from pension scheme in a job many years ago), which has a lump sum of about 11,000 and minimal monthly amounts when I retire.
    Because I have taught part time and worked through agencies in England (where I was not in the pension scheme), my teacher's pension is pretty poor. I am wondering whether I would be better to transfer the money from the other scheme to the teachers' one, or whether they would be better kept separate.
  2. TheoGriff

    TheoGriff Star commenter


    I'll tell you what is NOT a good idea, @piglet171

    Taking financial advice from people on here! :D

    You need to talk to somebody who actually knows something about it, instead of us lot. :D :D

    Best wishes

    ScotSEN and lindenlea like this.
  3. catmother

    catmother Star commenter

    Hello Piglet! Where have you been? Can you transfer any pension scheme into the teaching one? I thought it was only other public sector jobs?
  4. piglet171

    piglet171 New commenter

    Hi Catmum, been working hard! I was also a bit teed off at the last version of the TES forums. Was actually in your neck of the woods last Wednesday...
    I have no idea what you can or can't do, which is why I need advice!!! I suppose I could phone SPPA.
  5. TheoGriff

    TheoGriff Star commenter


    Much better idea!

    Best wishes

  6. ScotSEN

    ScotSEN Senior commenter

    Have you got a union? They might have a financial advisor. EIS ceertainly do. Personally I'd get advice from someone who knows about teachers pensions and another financial advisor. Might be worth speaking to your bank's finanacial person.
  7. jacob

    jacob Lead commenter

    I had two "private" pension bond thingies. One was a stakeholder pension I took out in 2001, one an AVC with Pru. Neither performed well in investment terms and I would have done better putting the same amount per month in an ISA. As soon as the rule change came in on April 6th I cashed in both, got 25% tax free the rest taxed at marginal rate. BUT I need it to pay off mortgage together with my TPS lump sum, so have a specific reason. Investment savings rates are ****, unless you want to take high risks, or tie money up for years. Annuities are a complete joke.

    Financial advisers charge. banks will try to sell you their own products which will be ****. Try reading webpages of MoneySavingsExpert (Martin Lewis)
  8. Morninglover

    Morninglover Star commenter

    Contact the TPS to see if this is even possible, before seeking & perhaps paying for) financial advice.
    Middlemarch and lindenlea like this.
  9. phatsals

    phatsals Senior commenter

    You can only transfer in within the first year of joining TPS. After that you can buy an amount of pension but only if you are in pensionable employment.

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