Advice on transfer into NHS pension scheme

Lisbong

Hi,

I began my career in the NHS in 2002 and paid into the NHS scheme until I left in 2007. I then joined a non-NHS healthcare provider and paid into their scheme until last December when I rejoined the NHS and their pension scheme again (albeit the 2008 version I believe rather than the 1995 I was in previously?). I am 33 years old if that helps.

I have received a letter from my old non-NHS employer offering me an enhanced transfer value of an additional 40% if I transfer out of their scheme. This would give me a transfer value of approx 31k vs 22k I would otherwise have had.

I understand that transfering out is normally not advisable but as I am still within the first 12 months of rejoining the NHS I believe I can still transfer into the scheme. I am therefore considering accepting the offer but only if I can transfer into the NHS scheme.

Would anyone be able to advise is this is sensible?

My main thoughts are that I believe the NHS pension is still pretty much the best available and is likely to more robust than the non-NHS scheme and getting a 40% bonus enhancement to move pension contributions into that scheme is a no-brainer.........unless I'm missing something?

Thanks

jackyann

I can't do the sums - maybe someone here can - but yes, broadly, the NHS is one of the best schemes.
I would talk the the NHS Pension service about how transfers in work - as the NHS doesn't operate a "pot" that may make a difference.
What did you do with your 2002-7 contributions? If you left them in the NHS scheme, then check what your rights are.

RichandJ

OP, you need to (very, very) quickly ask NHS Admin to get full details from previous scheme & see what it would buy you in current NHS scheme. Then come back, if you need to, & ask again on here.

You really need to get your ar5e in gear though as potential TVIN to NHS* & the offer from previous scheme will not last long.

* I may be wrong here, & I'm sure those in the know will quickly correct, but u might only have 1 year from joining NHS to TVIN.

Lisbong

Hi,

Thanks for the replies. I've spoken to NHS pensions and have been assured that as long as the process to transfer in starts before the 12 months is up, then that's fine. They can receive the documents and process the transfer after the 12 months is up if necessary. I confirmed my possible intention to transfer and followed it up in writing via email so the clock is stopped as far as that is concerned.

The old employers want a decision by Dec 20th so there is that deadline to work to.

I need to get the transfer paperwork completed by the old employers and get it to NHS pensions so they can work out how many years service it will buy me. I'm in the process of doing this now.

I will update with details when I have them but at this stage I just wanted to know general opinions about whether or not this was worth pursuing in principal and is there anything I haven't thought about that I might need to consider?

Thanks again