While some doctors and nurses may argue that NHS pensions aren’t what they used to be, they are still better than many other occupational pension schemes, and certainly feature a lot more benefits that most private pensions.
Why are they so valuable? Firstly, as they are often a final salary or average salary scheme, or other form of defined benefit pension, which guarantees an income in retirement, unlike private pensions which are at the mercy of the markets.
They also promise to payout right the way through retirement until death, unlike most private pensions which may run out overtime, leaving you short on cash later on.
Usually, its because a financial adviser has told them its a good idea, tempting them with access to tax-free cash from their pension, or with the promise of more money in retirement.
Back in 2017, the financial watchdogs at the FCA said that less than 50% of the transfers they examined were considered “suitable” for the pension holder, meaning that 1in2 people who transferred their pension may have been mis-sold, and may be worse off in retirement for having transferred their pensions.
Is your NHS pension transfer going to leave you worse off in retirement?
If so, you could have given up irreplaceable benefits, and even if your pension pot seems to get growing nicely, you could still be losing out by thousands of pounds when it comes to retirement due to the comparative uncertainty of alternative pension schemes, and the life-long payments your NHS pension would have paid out.
But you may be able to make a claim.
Contact Get Claims Advice for a FREE Initial Assessment – a chance for you to speak with an experienced claims specialist who can let you know if it looks like you’ve got a claim to be made.
After that, the choice is yours – you can take the claim on yourself, or use the manpower, knowledge, experience and strategy on offer from Get Claims Advice on a No Win – No Fee* basis.Speak with a Claims Handler
Ask us any question about your situation and we’ll be in touch at the best time for you – COMPLETELY FREE!