Transfering out of NHS pension

xylophone

https://www.moneyobserver.com/ask-money-can-i-transfer-my-public-sector-pension

NHS produce a booklet

NHS Pensions - Leaving Early and Transferring Out Guide


which explains that a transfer out to a DC Scheme will not be permitted.

kidmugsy

OP, if your name really is "michael0fowler " you've just invited half the scam artists in the world to target you.

molerat

It is easy to calculate the value of any public sector scheme, no need for a letter each year https://www.gov.uk/government/publications/public-service-pensions-increase-2018


Even without that I managed to get my spreadsheet over 15 years to within 0.25% of the actual final figure simply by using the annual inflation figure each year starting out by using 2% as a reasonable assumption and updating to the correct figure. After working back I found that small error was due to using full inflation for the first year instead of the correct 10/12ths. As they say, it aint rocket science.

tacpot12

You should have access to a Total Reward Statement (TRS) which will also confirm the value of your NHS pension in terms of what you will receive per year. The TRS system doesn't have the latest year's data for you, but this just means that your NHS pension will be better than the TRS system shows.

The NHS pension is one of the safest available and therefore I would urge you not to transfer out, and certainly not just to avoid having to keep track of multiple pensions. It is simplicty itself to setup a simple spreadsheet to record all your pensions, the provider name, any account/policy number, and what the pension will pay. Yopu can add details such as the normal retirment age and the earliest age that you can draw a pension. This spreadsheet can also be used as a checklist to ensure you advise all your pension providers if you move house.

Blackbeard_of_Perranporth

OP Transfer your NHS pension to me and I will see you in the back room of the snug to collect it.

Marcon

michael0fowler wrote: »

Marcon as zagubov has said, he is correct the advice I received was that it was a bad idea, not that I could/ couldn't.

The correct 'advice' would simply have been to tell you the idea was a non-starter - and it would then have saved you tying yourself in knots trying to understand why something (which you couldn't do anyway) was a bad idea...

AnotherJoe

Marcon wrote: »

The correct 'advice' would simply have been to tell you the idea was a non-starter - and it would then have saved you tying yourself in knots trying to understand why something (which you couldn't do anyway) was a bad idea...

I think thats harsh on the "advice giver" they may well not have known that a transfer wasn't possible and they certainly seem to have given good advice within their realm of knowledge, eg "its a bad idea" .

Its also no bad thing to understand why its bad in case OP has any other DB pensions they are looking at trading in. Plus knowing that it is a good pension stops them feeling aggreived for the next ten or twenty years thinking they could have had a better deal and are being screwed, there's certainly been a few posts along those lines from NHS workers.

Silvertabby

Even if it were still possible to transfer out of the NHS, the transfer factors (like the LGPS) were set by GAD and not linked to gilts. In the case of the current LGPS, transfer valuations of less than 20 x the pension given up are not unusual. People still do it, though.

kidmugsy

Silvertabby wrote: »

In the case of the current LGPS, transfer valuations of less than 20 x the pension given up are not unusual. People still do it, though.

The taxpayers should give them all medals.

Joeygirl72

I am looking at trying to transfer to a personal pension too. I have worked for NHS for 6 years & will be leaving soon - I would like to access some of the cash at 55. Are there any companies that take these transfers. It does say on the NHS pension site that you can transfer to some pp plans ( maybe stakeholder)
Anyone had any experience with this ?