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  • FIRST POST
    sammie1975
    NHS pension, can i get a refund?
    • #1
    • 4th Mar 08, 6:36 AM
    NHS pension, can i get a refund? 4th Mar 08 at 6:36 AM
    I have paid into my NHS pension for 4 years now, am leaving the NHS next week and so a freeze will be put on my pension. I am still in quite alot of debt from my student days, and it seems crazy that I have all that money sat in the pension unable to get to it, when i'm still paying off debt and paying interest.
    Does anyone know of any way of me getting to that money before i retire? Or is there no way out and I should read about things more carefully before signing up to them?!!
Page 1
  • jem16
    • #2
    • 4th Mar 08, 7:59 AM
    • #2
    • 4th Mar 08, 7:59 AM
    I have paid into my NHS pension for 4 years now, am leaving the NHS next week and so a freeze will be put on my pension.
    Originally posted by sammie1975
    It won't be frozen. It will continue to grow in line with inflation.

    Does anyone know of any way of me getting to that money before i retire?
    You will be able to access it on the scheme's retiral date, 60 or 55.

    Or is there no way out and I should read about things more carefully before signing up to them?!!
    Fraid so.
  • firesidemaid
    • #3
    • 4th Mar 08, 8:52 AM
    • #3
    • 4th Mar 08, 8:52 AM
    i have looked the the scheme carefully recently as there have been a lot of changes.

    you can only claim a refund if you have been in the scheme less than 2 years.

    it will go up in line with the retail price index - which i believe is better than inflation.

    4 years is a 1/10th of an nhs pension - nothing to be sneezed at.

    do you think you will ever rejoin the nhs at any time - as you then just add to it, it is an excellent scheme.

    at the moment your normal nhs retirement age is 60 and will be if you never return. if you go back into the nhs again after 5 years or more this will change to 65 - something to bear in mind.
  • dunstonh
    • #4
    • 4th Mar 08, 8:54 AM
    • #4
    • 4th Mar 08, 8:54 AM
    Or is there no way out and I should read about things more carefully before signing up to them?!!
    You would have been a fool not to join the NHS scheme. However, had you read the scheme booklet you would have known. So, yes you should read things more carefully but its not a bad outcome in this case.
    I am a Financial Adviser. Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
  • meester
    • #5
    • 4th Mar 08, 11:46 AM
    • #5
    • 4th Mar 08, 11:46 AM
    Um, this is possibly the worst thing you could do.

    See this is what really p1sses me off about publicly funded pensions.

    Millions people are getting gold-plated pensions funded (or not) out of billions of pounds of public money. Nobody in the private sector would be crazy enough to offer anything so good. Yet it seems that most of the people in receipt of this incredible largesse have no idea how lucky they are.

    So why do we bother???? Just scrap the expensive pensions and stick a bit extra on the salaries instead. It's quite clear that the pensions are very poor value in that they cost us a fortune and yet recipients don't think they are worth anything more than what they personally pay into them.

    The message should get through to people 'the government is giving you the best pension outside the House of Commons, you are very lucky, this is equivalent to a 30% payrise'. But it clearly doesn't and won't, and so it's just a big waste of money. It's like signing somebody up for 20k and then secretly paying them 25k and hoping they won't notice.
  • pensionRefund
    • #6
    • 16th Feb 09, 3:29 PM
    NHS pension, can i get a refund?
    • #6
    • 16th Feb 09, 3:29 PM
    Hi:
    I am an overseas worker working in NHS but now leaving NHS to return to my country. I have been contributing to the NHS pensions scheme for more than 3-years. Am I able to get a refund for my contributions.

    Thanks

    Sufi
    • seven-day-weekend
    • By seven-day-weekend 16th Feb 09, 3:59 PM
    • 24,934 Posts
    • 44,876 Thanks
    seven-day-weekend
    • #7
    • 16th Feb 09, 3:59 PM
    • #7
    • 16th Feb 09, 3:59 PM
    Yet it seems that most of the people in receipt of this incredible largesse have no idea how lucky they are....

    ... recipients don't think they are worth anything more than what they personally pay into them.

    .
    Originally posted by meester

    I was always very, very thankful that I was able to join the Local Government Pension Scheme (which I contributed to and IS funded) and it was one of the reasons I would never have left LG other than to take early retirement. I always knew what a good Pension Scheme it was.

    When I first applied to join, it was before the rules changed which said part-timers mustn't be treated any differently to full-timers and I was told I couldn't join as I did not have set hours. I argued that I was on a permanent contract and in the event of my having no work (which never happened) I would get paid the equivalent of ten hours and I should be able to join the Pension Scheme based on this. Eventually they agreed with me and let me join; not long after that I went full-time.

    So you see some of us DO know how valuable a public service Pension Scheme is and actually fought to join!
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  • jem16
    • #8
    • 16th Feb 09, 4:21 PM
    • #8
    • 16th Feb 09, 4:21 PM
    Hi:
    I am an overseas worker working in NHS but now leaving NHS to return to my country. I have been contributing to the NHS pensions scheme for more than 3-years. Am I able to get a refund for my contributions.

    Thanks

    Sufi
    Originally posted by pensionRefund
    No you can't get a refund as you have over 2 years of contributions.
    • paparossco
    • By paparossco 16th Feb 09, 8:52 PM
    • 110 Posts
    • 55 Thanks
    paparossco
    • #9
    • 16th Feb 09, 8:52 PM
    • #9
    • 16th Feb 09, 8:52 PM
    Um, this is possibly the worst thing you could do.

    The message should get through to people 'the government is giving you the best pension outside the House of Commons, you are very lucky, this is equivalent to a 30% payrise'. But it clearly doesn't and won't, and so it's just a big waste of money. It's like signing somebody up for 20k and then secretly paying them 25k and hoping they won't notice.
    Originally posted by meester
    I've been in the NHS for over 30 years and in my experience most staff are well aware of the benefit of the pension scheme. The new scheme is still an incentive for staff to join the service.
  • krisskross
    I get 1000 a month pension after 21 years service. Index linked so increases every year. Seems pretty good to me.
  • Arcturuz
    How do i leave the NHS
    I have been with the scheme for a year and a half, now i am planning to leave it since my working visa will be expiring soon. So how do i leave the scheme and how much will i get after all the contributions that i have made? Are there any taxes to be payed, deductions or whatsoever?

    Thanks
  • dunstonh
    So how do i leave the scheme and how much will i get after all the contributions that i have made
    They will contact you to let you know your options. These are either to 1) transfer the equivalent value. The best option as you get to retain the employer benefit and you dont pay tax and NI on it. or 2) get your contributions back (the worst option as you dont get the employer benefit, you are taxed on the amount and you have to pay NI on the amount).
    I am a Financial Adviser. Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
  • Soubrette
    4 years is a 1/10th of an nhs pension - nothing to be sneezed at.
    .
    Originally posted by firesidemaid
    I think it's 1/15 of an nhs pension, but my maths might be shonky Each year gives 1/60 (the new one gives 1/80) so 4 years would be 1/15.
  • consumer
    Hi:
    I am an overseas worker working in NHS but now leaving NHS to return to my country. I have been contributing to the NHS pensions scheme for more than 3-years. Am I able to get a refund for my contributions.

    Thanks

    Sufi
    Originally posted by pensionRefund
    You can't get the refunds

    Options:

    1. Read on HMRC website about QROPS....and transfer to your country

    or

    2. Leave it in the scheme and get paid wherever you are at the retirement age
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