Moving out of SIPP into NHS scheme

Bigmangee

Hi,

I have joined the NHS Pensione scheme (2015 CARE scheme) and was looking at the possibility of transferring existing pension into the NHS scheme. I have been contributing to a Hargreaves SIPP for a few years now and was wondering if I can use that to buy additional Pension in the NHS scheme. I have used the NHS additional pension calculator and it appears that I will get more than twice from what I would get from a annuity according to the statement from Hargreaves.

Can I use the money in the SIPP to buy additional pension in the NHS scheme? I am over 55.

Thanks for any advice.

Kind Regards,
G

xylophone

http://www.nhsbsa.nhs.uk/Documents/Pensions/Transfer_Booklet_(V15)_03.2016_-_Digital.pdf

But remember that once you have transferred your SIPP into an unfunded defined benefit public service pension scheme, your ability to transfer out will be very restricted.

http://www.nhsbsa.nhs.uk/Pensions/4210.aspx

Are you sure that you will be happy that you will be unable to take unreduced benefits from the NHS scheme until your state pension age?

http://www.nhsbsa.nhs.uk/Pensions/4017.aspx

Bigmangee

Thanks for the information. I have seen this but was just wondering if it was possible to Transfer out of a SIPP into the NHS Scheme?

I just want to look at all options before I decide.

PensionTech

The booklet xylophone provided does contain that information.

The answer is yes, provided that you do so within 12 months of becoming eligible to join the NHS scheme. You have a statutory right to transfer out of the SIPP, and from reading the NHS booklet it appears that they will accept a transfer to buy additional service credits provided that you do so within that 12 month period. The exception is if you have already reached age 65 or State Pension Age, whichever is later.

Does that answer your question?

Bigmangee

Yes it does. Thanks for your help!