Should I transfer private pension to NHS?

claire111

Is my 'pensionable pay' my basic salary before tax ? If so then at the moment it's 12 x £603 = £7236

If not, how do I work out my pensionable pay ?

Many thanks for your time.

dunstonh

So the personal pension shows a real terms figure of £1560 a year and the occ scheme is £7236 * 6/60ths = £723 a year.

That is a very crude and simplistic way of looking at it but based on that info alone, the personal pension beats the works scheme. However, by the time you factor in dependants pension, tax free lump sums and indexation amongst other things, so you are comparing like for like, it may be a bit closer or possibly favour the works scheme. I suspect the personal pension figure you have is not based on the same benefits of the occupational scheme. However, you may not need the same level of benefits as the occ scheme and therefore keeping the personal pension may be better.

If not, how do I work out my pensionable pay ?

The scheme booklet will tell you how they work out your pensionable pay. If you have a previous scheme statement, it will tell you on there what it is. Often it can be basic pay only (no overtime or bonuses) or a variation of that.