Transferring into a NHS Pension

RAK1963

Hi,

This is my first post... so please treat me gently!

I joined the NHS 6 months ago and as I understand it I now have 6 months left to transfer any old pensions into the NHS to effectively buy extra service years against the 1/54 scheme.

I have an old Sun Alliance pension (now Phoenix) that is now heading towards £200,000 (last two years have seen 15% per year, not quite sure how).

With approximate figures of earning £40,000 per annum and 10 years left to work, does any one know how to calculate (roughly) how many 1/54 my £200,000 would buy me?

This is just a precursor to see if it is worth starting to get the ball rolling with IFAs etc.

Thanks for reading.

Andy_L

Under the current NHS pension scheme a transfer in of a DC scheme does not buy you extra "years of service" it buys you £x of inflation linked pension.

I don't think the numbers they use for their calculation are avaliable on line, although the calculator for buying addation pension may give a ballpark figure
https://www.nhsbsa.nhs.uk/member-hub/increasing-your-pension/additional-pension

AlanP_2

I doubt if you will need an IFA if it is a straightforward DC scheme.

Fill in the forms, NHS contact current scheme for value and tell you what it will buy you in NHS scheme.

At that point you say yes or no.

I am assuming here that it works in basically same way as local gov in terms of broad process.

One downside to transferring in is that you are tied to NHS retirement date unless you take a pension reduction for going early. A DC fund gives you more flexibility in that respect.

RAK1963

Thank you both.