S2P and The NHS

SpanielsGalore

I have a query that I hope someone can help me with.

About 15 years ago I opted out of SP2, the pension now has approx. £10000 in it.
For the last 3 years I have worked for the NHS, so am automatically opted out (if I am understanding it correctly).

Is there anyway, or will there be, I can move the funds from the first pension mentioned to the second ?
If I can move it, is it better to put it with the NHS pension or into a different place ?

Hope that is understandable

thanks

sarahcc

I too work for the NHS and am with their persion scheme.
You have to join their pension it is not conected to opting out of S2P.
I am also interested to find out wether you can put S2P into an NHS pension as I also opted out many years ago.

ReportInvestor

You can't add another pension or S2P to a defined benefit pension scheme like the NHS one AFAIK, although there are no doubt arrangements to make additional contributions from salary or in a cash lump sum to make up for missing years if you want.

Especially after A-Day (6th April 2006) employers will be rejigging arrangements for extra pension payments above and beyond the previous 15% maximum pa you could have put into the NHS scheme. Such arrangements may not yet be in place. Keep an eye out.

It may be possible to transfer past S2P accrued benefits to such a scheme (effectively contracting out), but the current general view is that for most people S2P is good value (many people are currenly contracting back in) - so I'd be tempted to stick with the S2P benefits you have both accrued.

SpanielsGalore

thank you both for your help.