Transferring Personal Pension to NHS scheme

mpsavuk

Hi all,
My circumstances are:

50 yrs old next May (Stop that laughter!)
Work in the NHS in Band 7 post. Specialist post so fairly secure.
Currently only have Standard Life Personal Pension with 54K transfer value

If i join the NHS scheme and can transfer my PP funds can i use them to buy extra years? Or do i have to pay extra monthly to do this?

I am thinking of joining the "Old" NHS scheme before March 2008 due to the benefit of retiring at age 60 (What a lazy s*d!).
So if i can purchase, say, an extra 10 years that would be better then nothing.

Any advice welcome.

Thanks in anticipation

dunstonh

If i join the NHS scheme and can transfer my PP funds can i use them to buy extra years? Or do i have to pay extra monthly to do this?

You can transfer your ordinary rights but if the pension contains protected rights, you wont be able to transfer those.

You will also need to compare benefits and options as there is no guarantee that transferring is the best choice. The NHS scheme may offer you less benefits and a tighter retirement criteria (i.e. retirement date) than leaving it where it is. i.e. extra 10 years you think you will get pays less income than leaving it where it is.