Transfer in of civvy pension

[the_worrier]

I re-joined the RAF 6 months ago after 4 years ‘on the outside’. I served for nearly 19 years originally from late 1997 and all bar just over a single year is in the 75 scheme. I retired with an IP in payment which I no longer receive due to the abatement rule.

During my 4 year spell as a civilian I worked for a private company for the first 2 years and ended up with a modest £12k pension fund. I have spoken to the provider and there is no issue transferring this free of charge.

I have spoken with JPAC so I know what I have to do but my question is what will happen if I go ahead? Left alone such a small pot will generate very little income but my thinking is that this amount transferred in might partly plug the 4 year hole left in my Service pension by leaving? When/what/how much benefit would I see by going ahead with this?

I am an FPS member.

 

[Vauxhall]

The link will take you to a Pathfinder issue which contains an article on transferring out. The issues to consider on transferring in are exactly the same as for those who are thinking about transferring out. For example:

- What will the transfer buy in your new scheme? Ask Glasgow and have a chat with a financial advisor it you need to.
- When is it payable (could I get it earlier in the 'old' scheme'). AFPS 15 has a Normal Pension Age of 60 and a Preserved Pension Age of whatever your state pension age is. You can draw the pension as early as age 55 but with actuarial reductions.
- Did your old scheme give you the opportunity to take the whole lot out as a lump sum? If this is attractive to you, remember public sector schemes don't have this feature.

I attach the AFPS 15 booklet which contains a couple of pages about transferring.

Pathfinder International magazine

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