NHS Pension

[MyBoysAndI]

Hi. I'm looking for some help! I have tried google and have phoned my Trust HR and the Pension department and no one seems to be able to commit to giving me an answer.

I have been awarded a pension sharing order from my STBXH. I need to tell them where to deposit it.

Does anyone know if l can pay a lump sum into my nhs pension and if so is there a limit?

Many thanks

You can't pay a lump sum into the main NHS scheme. It's likely your pension sharing order relates to a defined contribution scheme. The NHS scheme is defined benefit. These are the terms you need to start by researching to get an understanding.

Many thanks.

So l will need to get another pension set up for the lump sum to go into?

Yes you can set up a private pension scheme and get your share paid in there.

Many thanks. I didn't think l could pay it into my NHS pension.... which is a shame as it could do with a boost!

The boost would be the same in the NHS or a personal pension.

No it wouldn't. They are completely different types of scheme.

It would. The money would buy actuarially adjusted benefits. I'm possibly being slightly flippant, but my point is that statistically when it's worked out, it's equal.
Getting a 'boost' is the same in either scenario. There are distinct advantages to a personal pension when using your own money.

Can you put it somewhere accessible then massively increase you nhs pension contributions, thereby dripfeeding it in? Or does it need to stay in a pension throughout?

Having the extra money in a private pension will give you more flexibility in retirement. You'll still have your NHS annuity but can use the other pot as and when. If you were to die, every penny of that pot could be inherited tax free. So do some more research and choose somewhere to stick that money. If confused, then get an IFA to explain and set it all up for you.

Messy, pension money can by used in retirement only.

You can put the money into an accessible account and ask your nhs employer to set up buying extra years. Talk to your employer.

Oh x post.

"You can put the money into an accessible account"

She can't. It's a pension share. She needs to understand about pension types before she does anything. She can only put it in an accessible account if she is over 55 and prepared to pay income tax on 75% of it.

Op, do some research and get some financial advice. MN isn't the best place for this type of question.

Thanks george, I wasn't sure how divorces worked with pension wrappers

I am struggling to find an IFA to help me.

What type of pension should l look at depositing it into?

A personal pension.

You don't need a SIPP, but check prices.