NHS pension advice + changing jobs.

Eilis

Hi.
It would be great if someone can advise me on the following. I’ve paid into an NHS pension for 9 years. I’m changing jobs and working for a charity for a year. They have a pension scheme, if I pay 3% they pay 4% or if I pay 5% they pay 6%.
I’m clueless so bare with me.
I’m in my mid 40s and I’m wondering should I freeze my NHS pension. Not sure what other options I have??
Should I go with the charities pension for 12 months?
My intention is to go beck to the NHS unless I live my new job and decide to stay if a permanent contract is available.

Thanks.

MallyGirl

I don't think you have to do anything with the NHS one. It will just sit there in the background. Yes do join the charity pension and make sure you commit enough to get the max employer contribution

Andy_L

Your NHS pension will not be frozen if you leave it where it is, it will increase with inflation.

Unless you are moving to another Public sector employer then you cannot transfer your NHS pension anyway

crv1963

As others have said it doesn't sit idle. If in a role that has Bank Shifts available to you then you can continue to accrue NHS Pension by working the odd shift now and then, remaining an active scheme member. It also allows you to stay up to date with NHS jargon and changes, these incremental changes can make returning harder than it appears to some.

As the NHS Scheme is very good you will have to save significantly more than 7-11% of your new roles salary to get the same retirement benefits and death in service benefits unless you are going to a significantly higher salary.

However congratulations on your new job, enjoy the different experience and if a Nurse don't forget to get copies of last appraisal and supervisions and write a reflective account of the differences quite early on in readiness for the next revalidation process, keep leaving cards etc they all count for the NMC!

hugheskevi

They have a pension scheme, if I pay 3% they pay 4% or if I pay 5% they pay 6%.

Ensure you pay in whatever it takes to get the maximum employer contribution.

If your new employer offers salary sacrifice or you will be a higher rate taxpayer you may well wish to contribute more.

I’m in my mid 40s and I’m wondering should I freeze my NHS pension.

Don't know what you think this means, but whatever it is, you can't do it.

You are either an active member or you are a deferred member - you do not have any choice in this, it is based on on whether you are an active scheme member or not. A deferred membership is when you have left the scheme. If you leave the scheme your pension is calculated as at last day of service and increases in line with CPI.

Should I go with the charities pension for 12 months?

Yes, unless you have any other option (aside from not joining the pension)?

My intention is to go back to the NHS unless I love my new job and decide to stay if a permanent contract is available.

If you return to the NHS pension scheme within 5 years the deferred pension award is cancelled and you will be reinstated into the scheme as an active member for that period (with zero pensionable earnings). Although that means you do not accrue any new pension for the period you were away, it does mean the pension you accrued prior to leaving benefits from enhanced in-service revaluation (ie increases by more than CPI), and final-salary linked pension benefit if your salary on returning is higher.

You should be able to transfer the pension you build-up whilst working for the charity into your NHS pension when you return to the NHS pension scheme, if you wish to do so.