transfer from local govt to nhs pension?

janeinsheffield

I had 7 years nhs pension which I transferred into the lgps. I've since had a break and am now back, albeit temporarily, in the NHS. I have about 15 years total lgps service. I'm not eligible to be in the updated NHS scheme... just the new one. I'm in a dilemma. Should I leave my frozen lgps pension alone (I think that would let me retire at 60?) or transfer into the NHS even though I might not stay there continuously till I retire? I've only got a year's nhs service at the moment (but asked for the quote in time to transfer.. though it's not back yet) but my salary is about £5k higher at the moment. Does anyone know if there's anything in the lgps I'd miss out on if I transfer it in? is there a benefit to having all my pension in one basket? I'm almost 49. Thanks in anticipation.

Debt_Free_Chick

Both schemes are, I believe, in the Public Sector Transfer Club which makes this a "no brainer". Your 15 years worth of LGPS pension will get you 15 years worth of NHS pension. HOWEVER .... remember that the LGPS is a 1/80 pension plus a lump sum, whereas the NHS New Scheme is a 1/60 pension, so you may not get exactly 15 years, as the NHS pension is clearly higher. However, within the Public Sector, you get "like for like" as no-one is "taking a cut".

Apply using this booklet. You will simply be making an enquiry at this stage and not giving agreement to go ahead, so you may as well get the information first and then make a decision. I think you'll find it an easy decision though - if not, post back here!