NHS pension

shazbaton

Hi
I've just returned to work in the NHS following a 5 year break of service. I've been entered into the 2008 section of the Pension scheme. My previous contributions were into the 1995 section to which I contributed for 15 years and I have been asked if I would like to transfer my previous contributions over to the 2008 scheme. I'm not sure what to do and wondered if anyone could advise me.
regards
Shazbaton

jogevers

Sorry for piggy-backing on your post, but I was about to ask something similar...

I've just returned to NHS work after a (11 year) break, but I moved my NHS pension out to Aviva when I left the last time. NHS (Scotland) are now asking if I want to transfer that back in. I've no idea - can anyone tell me what the potential pitfalls or advantages are? I believe the NHS scheme is very good, but Aviva isn't bad either... Do I lose a whole lot of my fund simply by transferring?

getmore4less

This is not an easy one to respond to.

Not many people know enough about the two schemes but more important is your personal circumstances.

Acromion

Basically it depends when you want to retire. The 1995 scheme allows you to take a pension at 60 but is based on eightieths. You will retire on 15/80 of your final salary at 60.
The 2008 scheme expects you to retire at 65 but you accrue benefits based on sixtieths. So working for another 10 years entitles you to 10/60 of your final salary at 65.
Personally I'd be inclined to leave your present pension where it is rather than consolidating it into the 2008 package as that will maximise your retirement options.
There is a booklet for those who are still working under the 1995 scheme but are being given the option of changing to the 2008 scheme and this is full of the information you require with worked examples along with pros and cons. I'm sure your pension dept will have a spare copy.

ds9074

Acromion is correct that it is quite a complicated choice depending on personal circumstances. I have recently had the choice of whether to move into the 2008 scheme going forward or stay in the 1995 scheme. I chose to stay in the 1995 scheme as actually by 65 the estimated benefits for me were about the same with both schemes, but the 1995 section gave considerably more at 60. Staying in the 1995 section therefore, I felt, gave me a bit more flexibility.

shazbaton

Thanks to all who responded to my query. Looks like I should leave things as they are. Will get hold of booklet suggested by acromion.

dontunderstand

Hiya, you can download or just read all nhs pension booklets from nhsba.co.uk
dontunderstand