NHS to teachers pension fund transfer

Fuzzy_2

Hi

Need to know how and where I can get some good advice on whether I should keep my NHS pension frozen having been made redundant this summer after 20 years of service, or transfer the value to the Teachers pension scheme, which I'm lead to believe is very similiar.

I have to do this within the first 12 months of starting the new scheme, and have another 10 months to run. However the NHS trust I used to work for has a notoriously bad reputation with the NHS pensions agency. The NHS pensions agency need to request further info about my salary from them in order to provide a final valuation. So as the NHS trust are so useless thought I'd better get the ball rolling sooner rather than leave it.

Cheers

dunstonh

What are the transfer figures and what pension will the Teachers scheme give you for the transfer value?

What are the pension commencement ages?

Andy_L

They are both part of the Public Sector Transfer Club so you will receive a fair transferm ie purely based on the diferance in scheme benefits, since the're both 1/80ths plus lump sum schemes that will probably be zero (they may be some differences in stuff like death benefit etc).

Unless you've taken a large pay cut to become a teacher I'd be hard pushed to think of circumstances where not transfering it would be a sound move

newleaf

There is a facility on the nhspa website to ask questions like this and you will get an accurate and comprehensive answer from a pensions agency officer.
https://www.nhspa.gov.uk Use the 'contact' option.

Fuzzy_2

Hi

Thanks all for your replies.

dunstonh - at the moment I don't have the figures for transfer figures from the NHS, I will have to put in the request (which I will do) and hope that my previous NHS employer gives all the information promptly and accurately to the NHS PA. I do have my doubts that they will, if previous dealings are anything to go by!!

clairehi

The transfer value request from you needs to be received by TPS within 12 months. Once they have it, the clock stops so you wont run out of time if your previous scheme provider is slow. (Ive just transferred in rights to TPS from 3 other members of the Public Sector transfer Club - LGPS get the wooden spoon).

Sending in the transfer request does not commit you to going through with it. They will send you an estimated transfer value in terms of qualifying days/years, if you are happy with this you then sign a form to authorise the transfer. There is a time limit for authorising the transfer, I think its another year from receiving it.