Leaving the NHS after 5 years

loopsty

So, I've never really had to think about my pension, auto-enrollment and all that jazz since I've worked in the NHS since the age of 22 (my first proper job).
But now I'm leaving for another employer who also has a pension scheme, and it looks like I'm best off leaving my NHS pension where it is.
So this has got me thinking, I've got 40 years of work a head of me (provided the goal posts don't move again) so I could end up with a lot of different pension pots by the time I reach state pension age. 
What do I do going forwards? Do I just build up several different pension pots and keep a record of them. Or are other pensions generally better to transfer than the NHS one?
Feeling a bit overwhelmed! With the way things are going I'm not confident my state pension will even exist in 40 years 

xylophone

 it looks like I'm best off leaving my NHS pension where it is.

Unless you have the opportunity of transfer to another defined benefit scheme, you have no option.

Transfers to a DC scheme are not permitted.

Your NHS pension becomes deferred.

https://www.nhsbsa.nhs.uk/sites/default/files/2018-11/Leaving Early and Transferring Out Guide (V16) - 11.2018.pdf

Dox

loopsty said:

What do I do going forwards? Do I just build up several different pension pots and keep a record of them. Or are other pensions generally better to transfer than the NHS one?

'Keep a record' is the key here. You have many years in which to consolidate your various pensions should you choose to do so (except for ones like the NHS or other DB arrangements where moving the pension is either not possible, or highly unlikely to be a good idea).

Albermarle

Most workplace pensions outside the public sector are Direct Contribution ( DC)schemes , where you simply build up a pot of money with the aid of your contributions; your employer contributions and in the long term from investment growth .
These pensions are not the same as the NHS scheme which is a Defined Benefit (DB) scheme, promising a certain amount of guaranteed retirement income. These are the best sort of pensions normally, and one of the compensations of working in the public sector.
Normally with the workplace DC schemes , you take them with you when you leave the employer . If you end up with a few of these you can merge them together at a later stage if you want . Some golden rules are
1) Always opt in to any pension scheme as you get free money from the employer and tax relief from the government on your contributions ( happens automatically)
2) Always update providers of current and old pensions of any change of address
3) Consider making extra contributions if/when you can , especially if you ever become a higher rate taxpayer.
4) At a future date, when your pension pots get bigger , take some time to look into how your money is invested within the pension .
This link is a good government resource for learning about pensions:https://www.pensionsadvisoryservice.org.uk/

Thrugelmir

loopsty said:

Feeling a bit overwhelmed! With the way things are going I'm not confident my state pension will even exist in 40 years 

Same old nonsense gets rolled out regularly. State pension isn't going to be taken away. 

jamjar92

Thrugelmir said:

loopsty said:

Feeling a bit overwhelmed! With the way things are going I'm not confident my state pension will even exist in 40 years 

Same old nonsense gets rolled out regularly. State pension isn't going to be taken away. 

They may change the tax rules, the NI contribution rules, and the date when you can take it, But it will remain.

You will get a deferred pension statement each year, which would show the previous year + cpi, just make sure if you move address, keep the NHS pensions informed.