Leaving a company & pension scheme - options?

Racheldevon

Hi,
I'm 27, I've been in my role for 4.5 years, and have been paying into the company pension for about 4 years. My own contribution has been 5% with the company contributing 10%. I'm due to move from my voluntary sector post, to a new NHS role (which is being tuped across to another provider after April), my understanding as i'm starting before April is that i'll keep the NHS terrms and conditions (& presumably pension) when I'm transferred over. I have some debt on a 0% credit card that I would like to clear - my question is about how things would work if I were to end this plan and not transfer to my new employer's scheme, and to join their scheme and start again? If so how does this work? Would I pay tax? I'd welcome any advice.

jem16

Racheldevon wrote: »

my question is about how things would work if I were to end this plan and not transfer to my new employer's scheme, and to join their scheme and start again? If so how does this work? Would I pay tax? I'd welcome any advice.

Whatever pension plan it is, you cannot just end it and expect a refund as you cannot access a pension before age 55. Some occupational pensions allow a refund of your contributions minus tax but this is only for someone with less than 2 years service so it doesn't apply to you.

It's not altogether clear if the existing pension is the NHS pension or not. If it is, it is fortunate that the rules don't allow you to have a refund as it would be one of the worst financial decisions you could make.

xylophone

If you are starting an NHS job before tupe, can you transfer your existing pension to the NHS pension?
http://www.nhsbsa.nhs.uk/Pensions/TransferringIn.aspx

Racheldevon

Thanks for your answers, I'll check out the link and look to transfer to the nhs pension