Pension Advice Please

JamesN1984

Hi All

I used to work for the NHS, and have a good 10 years in the NHS pension scheme (amounting to just under £27k). I left the NHS and this was frozen.

I now work for another company and have enrolled in their pension scheme (NEST). I now only work part time so my pot under nest is very small (£1,500 or so). Having looked at a statement from 2015 and a statement today, it seems my pension isn't doing anything sat in the NHS scheme, so i was wondering if i should transfer it to my current NEST provider, where hopefully it would grow more than the mesely few hundred quid its grown by in the NHS over the past 5 years.

The transfer in is easy enough, as its just a form, but knowing very little about pensions, I'm sat here wondering "should I"

Thank you for any advice.

James

Dazed_and_C0nfused

You don't have a pot of money with the NHS.

It will be a defined benefit pension where you get a guaranteed pension for the rest of your life.

It won't be frozen either.

It should increase with an inflation element each year.

What exactly does your statement show?

Marcon

JamesN1984 said:

Hi All

I used to work for the NHS, and have a good 10 years in the NHS pension scheme (amounting to just under £27k). I left the NHS and this was frozen.

I now work for another company and have enrolled in their pension scheme (NEST). I now only work part time so my pot under nest is very small (£1,500 or so). Having looked at a statement from 2015 and a statement today, it seems my pension isn't doing anything sat in the NHS scheme, so i was wondering if i should transfer it to my current NEST provider, where hopefully it would grow more than the mesely few hundred quid its grown by in the NHS over the past 5 years.

The transfer in is easy enough, as its just a form, but knowing very little about pensions, I'm sat here wondering "should I"

Thank you for any advice.

James

You can't transfer your NHS pension scheme benefits to NEST (or any other defined contribution pension scheme), so one less decision for you to take! Your NHS pension is happily revaluing away each year from the time you left active membership until you come to draw your benefits. That 'measly few hundred' is an increase in the amount you will receive each year after you start to draw your benefits, so don't knock it; many envy you.

It's one of the best schemes in the country, so hang on to it and be grateful...

HappyHarry

Just to add - you cannot transfer an NHS pension to NEST. 
You should be clear on just how good a pension the NHS pension is. It guarantees an inflation-linked income for life. There are few better pensions in the UK.

JamesN1984

Thanks all, that answers my question and in prompt fashion!