NHS pension

cloudninety

Hi

I am in the NHS pension scheme but only work part-time. I have accrued the equivalent of 0.66 of a year of service thus far. Obviously this is very little but it all adds up eventually and I don't want to lose it. The problem is that I am very likely to need to leave the NHS in the next few months for health related reasons. (I would hope to rejoin later on when I am better but this is unlikely to be within a 12 month period.)

According to the info I've seen if you leave with less than 2 years' pensionable service, you can't defer your pension. I was wondering if buying additional pension (lump sum payment) might allow me to keep the pension I have thus far accrued?

It would cost me £1850 per £250 of additional pension purchased which sounds like an okay deal to me (though I think there is a reasonably good chance of doing a bit better by putting it in a private pension so the main reason for doing it would be if it helped me keep my accrued pension).

ispookie666

From what i have heard and been advised is- Never withdraw from NHS pension, no private pension can beat it.

Also AVC's might not be that cost effective - it is probably better to get a personal pension with that capital.

magpiecottage

When did you actually join the scheme (as in the date)?

jem16

cloudninety wrote: »

According to the info I've seen if you leave with less than 2 years' pensionable service, you can't defer your pension. I was wondering if buying additional pension (lump sum payment) might allow me to keep the pension I have thus far accrued?

As far as I'm aware it's 2 years of qualifying membership as opposed to 2 years of pensionable service so the date you joined is more important as you are a part-time worker.

If it's less than 2 years since you joined, I don't think purchasing Additional Pension will help. However if you have transferred in a private pension this will qualify you.

atush

Why not take medical leave if you can't work? Would protect you and the pension?

Drp8713

Usually, you cant have a refund if you have a transfer in, so maybe find a personal pension with no early exit / transfer out charge, pay in a lump sum then transfer it in. Make sure the NHS will accept the transfer first.

cloudninety

ispookie666 wrote: »

From what i have heard and been advised is- Never withdraw from NHS pension, no private pension can beat it.

Yes, that is true which is why I am trying to see how I can keep it.

magpiecottage wrote: »

When did you actually join the scheme (as in the date)?

I joined last September. Though I first joined a few years ago on a short maternity cover contract.

jem16 wrote: »

As far as I'm aware it's 2 years of qualifying membership as opposed to 2 years of pensionable service so the date you joined is more important as you are a part-time worker.

Thanks Jem16, I have had another look and you are right so that may help a little.

atush wrote: »

Why not take medical leave if you can't work? Would protect you and the pension?

I really wish I could but I don't qualify for very much paid sick leave and if I don't earn enough money I won't qualify for my visa renewal next year.

Drp8713 wrote: »

Usually, you cant have a refund if you have a transfer in, so maybe find a personal pension with no early exit / transfer out charge, pay in a lump sum then transfer it in. Make sure the NHS will accept the transfer first.

Unfortunately when I originally first started I didn't know about this (rubbish HR dept) and so although I have a private pension which I could (and would) have transferred, you only have a limited time to do the transfer.

jem16

cloudninety wrote: »

I joined last September. Though I first joined a few years ago on a short maternity cover contract.

Thanks Jem16, I have had another look and you are right so that may help a little.

Best to clarify your date of joining then as this is what will matter.

Unfortunately when I originally first started I didn't know about this (rubbish HR dept) and so although I have a private pension which I could (and would) have transferred, you only have a limited time to do the transfer.

Normal time is 12 months but you could always ask.

http://www.nhsbsa.nhs.uk/Pensions/4192.aspx

cloudninety

I first joined in 2010 when I was doing my fixed term contract which was only a few months long. Then unfortunately I couldn't get another post until last Sept.

jem16

cloudninety wrote: »

I first joined in 2010 when I was doing my fixed term contract which was only a few months long. Then unfortunately I couldn't get another post until last Sept.

Yes but you will need to check if 2010 is the date of your qualifying membership as obviously you appear to have left and then rejoined.

cloudninety

I think it must be 2010 because I was contributing to the pension scheme at that point. Yes, then I left and only rejoined last year.