Transferring into NHS Pension Scheme (Help)

WoodyMax

I have been on before asking for some help regarding this so I apologise in advance.  I have approx 28K in a DC pension scheme from previous employer.  I currently work part time for NHS (only 10 hours per week). Band 3.  My gross pay is 5263.20 p.a. I have been trying for months to find out the value of transferring my 28K into the NHS scheme.  I have only been with the NHS since Nov. 2019.  I don't intent to stay long in this job maybe another 2 years maximum.  I receive a pension from a previous employer which meets my needs.  I intend to keep plodding with getting the NHS valuation for the 28K I would put in and I hear some of you kind souls mentioning 1/54th - I just don't understand that or what it means in terms of money value (nor do I know how to work it out!)  If I were to stay in this role for say another 2 years earning similar salary would it be worth putting 28K into the NHS Scheme.  I think Covid 19 has made this transfer in process even harder than usual.  Thank you for any guidance you can give me.

Brynsam

I'm afraid the answers are the same as when you asked this before: https://forums.moneysavingexpert.com/discussion/6121510/transferring-into-nhs-pension#latest

As you didn't apply for details of what your transfer would 'buy' you until June, it is highly likely that the problems surrounding COVID-19 are responsible for the delay in your receiving the relevant information. 

hyubh

I don't intent to stay long in this job maybe another 2 years maximum.

The 'vesting period' or time you need to be an active member to earn a pension is 2 years, however a transfer in will trump that (i.e. transfer another pension in, and you will get a deferred pension even if you leave within 2 years).

I hear some of you kind souls mentioning 1/54th

1/54 is the accrual rate for active membership. That is nothing to do with what you would get from a transfer in. if you haven't already, you need to kick off the transfer process with the NHS scheme administrator in order to get a formal quote of the NHS pension the transfer would buy.

I think Covid 19 has made this transfer in process even harder than usual. 

I wouldn't allow that excuse to roll...

JoeCrystal

WoodyMax said:

I have been on before asking for some help regarding this so I apologise in advance.  I have approx 28K in a DC pension scheme from previous employer.  I currently work part time for NHS (only 10 hours per week). Band 3.  My gross pay is 5263.20 p.a. I have been trying for months to find out the value of transferring my 28K into the NHS scheme.  I have only been with the NHS since Nov. 2019.  I don't intent to stay long in this job maybe another 2 years maximum.  I receive a pension from a previous employer which meets my needs.  I intend to keep plodding with getting the NHS valuation for the 28K I would put in and I hear some of you kind souls mentioning 1/54th - I just don't understand that or what it means in terms of money value (nor do I know how to work it out!)  If I were to stay in this role for say another 2 years earning similar salary would it be worth putting 28K into the NHS Scheme.  I think Covid 19 has made this transfer in process even harder than usual.  Thank you for any guidance you can give me.

You need to ask for the quote in this case, sooner the better since you only got 12 months from when you started your job. Hopefully, it is not too late!  Transfer Booklet (V20) 01.2020_0.pdf linked by crv1963 in the other thread does explain how to do it. Get this sorted asap. You are basically buying an index-linked annuity with the lump sum at a potentially far better rate than what you can get in the open market. 

NHS pension scheme overall is also very straightforward to understand, far simpler than a DC pension scheme that you got. So what aspect of the NHS pension scheme (which I am hoping that you are enrolled in) you do not understand?