Can someone help explain transfering into NHS?

MakingUpGround

Silvertabby said:

MakingUpGround said:

Thank you both, your insights help me make more sense of it. 

I possibly have a different local government pension (very small) to transfer in as well. 
I think I've realised if I didn't go back to local government employment within 5 years it automatically refunds me my contributions. At the moment it's in deferment and not increasing at all annually. 

Will that change any of the above transfer? 

A refund is only on the cards if you have less than 2 years membership (the vesting period).  A transfer to the NHS is a much better option than taking a refund of your own contributions (less tax).

Transferring your LGPS benefits into the NHS won't stop or affect your private pension transfer in any way.

Thank you. I've just rung them and said it's now in deferment so ok like that. But I did only have 18 months with them (it was a temp contract) and I'm still within the 5 years. She says its ok to be left, but what if that's not correct, I might be better moving it to be sure?

Silvertabby

MakingUpGround said:

Silvertabby said:

MakingUpGround said:

Thank you both, your insights help me make more sense of it. 

I possibly have a different local government pension (very small) to transfer in as well. 
I think I've realised if I didn't go back to local government employment within 5 years it automatically refunds me my contributions. At the moment it's in deferment and not increasing at all annually. 

Will that change any of the above transfer? 

A refund is only on the cards if you have less than 2 years membership (the vesting period).  A transfer to the NHS is a much better option than taking a refund of your own contributions (less tax).

Transferring your LGPS benefits into the NHS won't stop or affect your private pension transfer in any way.

Thank you. I've just rung them and said it's now in deferment so ok like that. But I did only have 18 months with them (it was a temp contract) and I'm still within the 5 years. She says its ok to be left, but what if that's not correct, I might be better moving it to be sure?

Did you transfer anything in to the LGPS - or did you have another bit of LGPS service prior to that?

Or, as the vesting period for the LGPS was 3 months pre April 2014, did you join just before then, which would have given you the transitional options of deferred pension benefits on top of the refund/transfer choices?  If so, and you didn't tell the LGPS what you wanted to do, they would have almost certainly applied their default option of deferment.

As long as you are absolutely sure that you do have deferred pension benefits, then you could leave the LGPS where it is and take it when you retire.  Or, as it's only 18 months, you could tidy things up and transfer it to the NHS.

MakingUpGround

Silvertabby said:

MakingUpGround said:

Silvertabby said:

MakingUpGround said:

Thank you both, your insights help me make more sense of it. 

I possibly have a different local government pension (very small) to transfer in as well. 
I think I've realised if I didn't go back to local government employment within 5 years it automatically refunds me my contributions. At the moment it's in deferment and not increasing at all annually. 

Will that change any of the above transfer? 

A refund is only on the cards if you have less than 2 years membership (the vesting period).  A transfer to the NHS is a much better option than taking a refund of your own contributions (less tax).

Transferring your LGPS benefits into the NHS won't stop or affect your private pension transfer in any way.

Thank you. I've just rung them and said it's now in deferment so ok like that. But I did only have 18 months with them (it was a temp contract) and I'm still within the 5 years. She says its ok to be left, but what if that's not correct, I might be better moving it to be sure?

Did you transfer anything in to the LGPS - or did you have another bit of LGPS service prior to that?

Or, as the vesting period for the LGPS was 3 months pre April 2014, did you join just before then, which would have given you the transitional options of deferred pension benefits on top of the refund/transfer choices?  If so, and you didn't tell the LGPS what you wanted to do, they would have almost certainly applied their default option of deferment.

As long as you are absolutely sure that you do have deferred pension benefits, then you could leave the LGPS where it is and take it when you retire.  Or, as it's only 18 months, you could tidy things up and transfer it to the NHS.

I do have another LGPS but they weren't linked. The older one is for much more and I get a statement for it. It has a protected retirement age of 60 as pre 2008. 
I'm not totally sure I trust what she said on the phone, I may ask for it in writing. I have completed the form today to get a value from them to send off to the NHS.
This one was 2017-2019. yes, so I didn't reply to the letter as I wanted to keep the money in the pension and not have a refund, but I didn't see until today the bit which said if I didn't have another within 5 years it would automatically refund! My annual letters state deferred pension  

Silvertabby

MakingUpGround said:

Silvertabby said:

MakingUpGround said:

Silvertabby said:

MakingUpGround said:

Thank you both, your insights help me make more sense of it. 

I possibly have a different local government pension (very small) to transfer in as well. 
I think I've realised if I didn't go back to local government employment within 5 years it automatically refunds me my contributions. At the moment it's in deferment and not increasing at all annually. 

Will that change any of the above transfer? 

A refund is only on the cards if you have less than 2 years membership (the vesting period).  A transfer to the NHS is a much better option than taking a refund of your own contributions (less tax).

Transferring your LGPS benefits into the NHS won't stop or affect your private pension transfer in any way.

Thank you. I've just rung them and said it's now in deferment so ok like that. But I did only have 18 months with them (it was a temp contract) and I'm still within the 5 years. She says its ok to be left, but what if that's not correct, I might be better moving it to be sure?

Did you transfer anything in to the LGPS - or did you have another bit of LGPS service prior to that?

Or, as the vesting period for the LGPS was 3 months pre April 2014, did you join just before then, which would have given you the transitional options of deferred pension benefits on top of the refund/transfer choices?  If so, and you didn't tell the LGPS what you wanted to do, they would have almost certainly applied their default option of deferment.

As long as you are absolutely sure that you do have deferred pension benefits, then you could leave the LGPS where it is and take it when you retire.  Or, as it's only 18 months, you could tidy things up and transfer it to the NHS.

I do have another LGPS but they weren't linked. The older one is for much more and I get a statement for it. It has a protected retirement age of 60 as pre 2008. 
I'm not totally sure I trust what she said on the phone, I may ask for it in writing. I have completed the form today to get a value from them to send off to the NHS.
This one was 2017-2019. yes, so I didn't reply to the letter as I wanted to keep the money in the pension and not have a refund, but I didn't see until today the bit which said if I didn't have another within 5 years it would automatically refund! My annual letters state deferred pension  

Although tbey are not linked, your total service of 2+ years in the LGPS means that you are not eligible for a refund in respect of your second post.

What should have happened is that the service from your first record should be recorded on your second as 'unaggregated service'.  Makes no difference to the actual pension payable, just that the second record is pensionable despite being under the normal 2 year vesting period.

Where did you read about the automatic refund?  If it was just in the scheme rules, then ignore it - it's the deferred benefit statements that count.

MakingUpGround

It was on the leaving letter, I've only just spotted it!
option 1 is transfer elsewhere
option 2 as in photo
option 3 refund of contributions

They definitely knew about my previous scheme because I have paperwork to transfer it, but I decided to keep them seperate 

Silvertabby

MakingUpGround said:

It was on the leaving letter, I've only just spotted it!
option 1 is transfer elsewhere
option 2 as in photo
option 3 refund of contributions

They definitely knew about my previous scheme because I have paperwork to transfer it, but I decided to keep them seperate 

You need to remind them of your previous LGPS service.  Taking a refund  nullifies all other LGPS benefits.