NHS pension / ill health retirement

lienad

Hi everyone

Is there anyone who knows about transferring NHS pensions who could give me some advice please?

I was diagnosed with a terminal illness in Oct 2017. The prognosis is probably between 4 and 9 years now. I’ll likely have to retire on the grounds of ill health at some point before this though.

I’ve worked for the NHS for around 16 year and I have paid in to the NHS 1995 Section pension and am currently in the 2015 Scheme. My options, as I understand them so far are:

1. Do nothing. Retire with I’ll health. My partner/children will then receive a small portion of the total value of my pension (as an small annual pension and/or small lump sum) and the rest will disappear?

2. This is possibly not even an option - I had considered a cash equivalent transfer to another scheme/fund in the hope that whole pension pot could go to my partner when I die, but my latest understanding is that this is not allowed? I can only transfer to a pension with pretty much the same rules as the NHS pension, which means my family will only receive a small portion of the pension and the rest will disappear. Is this correct?

3. ?????

Can anyone comment or offer any advice please?

Thank you.

GunJack

First, there's no "pot", you're in a Defined Benefit scheme.

Second, you can't transfer a government DB scheme into a Defined Contribution scheme.

Third, if you are retired on ill-health, you may actually get an enhanced pension pad immediately, with possible ongoing payments for spouse/children on your death (read the scheme rules for those details).

Flugelhorn

if you take ill health retirement, as GunJack says, you may get some enhancement of your pension (depends on whether it is tier 1 or tier 2 assessed)

If you pass away then your partner would receive 50% of the 95 pension a smaller percentage of the 2015 pension. the children would also receive some pension up until the age of 23.

there is no pot but likely that your partner and kids might get rather more out of it than was paid in superann

crv1963

1) You can't transfer from NHS to DC.

2) 1995 scheme money your partner get 50% survivor pension (if they have been nominated if you are not married) their pension is based on the original quote so on your pension with the smaller lump sum. If you take a larger lump sum and smaller pension it makes no difference to their survivors pension. So that may be a way of increasing the amount you leave them.

3) Ask for an appointment with your Trust Pension Officer, they cannot advise you but can tell you all of your options, including how to apply for ill health retirement as can your union (if they are clued up!).

4) Children will get a pension as long as they are dependent on you or under 23.

lienad

Thanks everyone. Much appreciated. Your replies are all really helpful. I've also been doing more reading since I posted this and I have a better understanding of the way things could work out not.