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Freeing my NHS pension

I paid into the NHS pension scheme for 7 years, but stopped paying in 2004. I don't understand anything about pensions but have been told i have an "estimated pensionable pay of £17547.00." The NHS have told me I am unable to claim this money back. I need advice as to whether this really is the case or if there is a way of reclaiming my money from the NHS. Any help would be appreciated. Thanks.

Comments

  • olly300
    olly300 Posts: 14,737 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Why oh why oh why do you want to reclaim from an NHS pension? It's one of the only pension schemes in the country which is guaranteed to pay out when you are old.


    Right I found this information for you:
    http://www.nhspa.gov.uk/site/Library/ooh/chapter9.pdf
    Since you were in the scheme for over 2 years you cannot get a refund of the contributions you put in.

    You can if you wish transfer your pension to another pension scheme or leave it where it is until you retire. At retirement age you can take a lump sum or a pension.

    If you are thinking of transferring your pension to another scheme make sure you get independent financial advice this means get advice from someone else other than the person trying to sell you the new pension or has an interest in you joining your new employer's pension scheme.

    This gives you information about being a deferred member of the NHS pension scheme:
    http://www.nhspa.gov.uk/site/Advice/Current/MemberGuides/LeavingScheme_SDK/sdk.pdf
    I'm not cynical I'm realistic :p

    (If a link I give opens pop ups I won't know I don't use windows)
  • You can't claim on your pension until you are 60 at the earliest. This is the case with most if not all pensions.

    The NHS scheme is one of the best in the country, and it will be waiting there for you index linked for your retirement.

    If you can resume payments into it that would be even better.
    (AKA HRH_MUngo)
    Member #10 of £2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
  • if your pensionable pay is £17547 then you will have earned 7/80ths of this (a full pension being 40/80ths at 40 years service).

    you would get £1535 per annum (i think this is index-linked at the RPI) at 60 at today's rates.

    if you can ever go back into the nhs you would then get your rate at that new salary providing you have done at least a full years service.

    i would say leave it where it is and forget about it. you might be glad of it at 60 x
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