Pension refund not claimed

dantaden

Hello all. I was working as locum doc in 2019/2020 tax year. When I started I was automatically enrolled in NHS Pension scheme.
After couple of weeks, I opted out by submitting SD502 opt out form. 
I was then asked to submit RF12 refund request form. But I never submitted that.

So my question is what happens to my pension which was paid in NHS pension scheme. Did I lose that money? or will it be there in my pension pot?

Dazed_and_C0nfused

The NHS pension scheme doesn't have a "pot", it pays a pension based on the scheme rules.  Basically it's based on your length of service and salary amount

Why did you opt out of such a generous scheme?

tacpot12

This thread might be helpful: NHS pension contributions on locum shifts query : JuniorDoctorsUK (reddit.com) 

Have you tried sending the RF12 form now? I don't see why the NHBSA wouldn't be able to process it now. 

dantaden

Dazed_and_C0nfused said:

The NHS pension scheme doesn't have a "pot", it pays a pension based on the scheme rules.  Basically it's based on your length of service and salary amount

Why did you opt out of such a generous scheme?

because I was naive in understanding then.
That said, is the money I contributed in it still accessible to me or did I lose it when I opted out and didnt submit RF12 form?

dantaden

tacpot12 said:

Have you tried sending the RF12 form now? I don't see why the NHBSA wouldn't be able to process it now. 

There was a 2 year deadline mentioned which has since passed

Flugelhorn

I would try sending it again - you never know they might pay up. otherwise you can get the pension when you are 58 (approx) - you will currently be considered to be a deferred member and the pension is still there.

are you still in the NHS? have you thought of rejoining?

dantaden

Flugelhorn said:

I would try sending it again - you never know they might pay up. otherwise you can get the pension when you are 58 (approx) - you will currently be considered to be a deferred member and the pension is still there.

are you still in the NHS? have you thought of rejoining?

Since that job (where I opted-out of NHSPension), I have worked 2-3 locums with NHS Pension opted-in. So as long as the pension amount from that job is in there, I am not looking for refund. Just wanted to know that because i opted-out and never requested refund, would that amount be declared unclaimed or something

Currently, instead of NHS pesnion, I have chosen SIPP as I can control my investments there better.

Flugelhorn

dantaden said:

Flugelhorn said:

I would try sending it again - you never know they might pay up. otherwise you can get the pension when you are 58 (approx) - you will currently be considered to be a deferred member and the pension is still there.

are you still in the NHS? have you thought of rejoining?

Since that job (where I opted-out of NHSPension), I have worked 2-3 locums with NHS Pension opted-in. So as long as the pension amount from that job is in there, I am not looking for refund. Just wanted to know that because i opted-out and never requested refund, would that amount be declared unclaimed or something

Currently, instead of NHS pesnion, I have chosen SIPP as I can control my investments there better.

oh that money will still be there - you will have been deferred and then it will have connected back again when you started paying in again. My 35+ years was dozens of assorted jobs bits of locums part time / full time here and there etc etc - all listed on the printouts (and TRS at a later stage) - 

I seem to remember at some stage when I had deferred (aged 58) an overenthusiastic HR dept trying to autoenrol me again .

Have you got access to a total rewards statement online? this should show what is credited to you ... unless of course they are GP locums when you might have to wait a few more years yet ( they take forever).

p00hsticks

dantaden said:

Flugelhorn said:

I would try sending it again - you never know they might pay up. otherwise you can get the pension when you are 58 (approx) - you will currently be considered to be a deferred member and the pension is still there.

are you still in the NHS? have you thought of rejoining?

Currently, instead of NHS pesnion, I have chosen SIPP as I can control my investments there better.

Your NHS pension doesn;t consist of investments in the same way that your SIPP does - it's a guarantee to pay you a specific amount of money for life on retirement depending on your length of service and pay. You will have been a very good investor if your SIPP  provides anywhere near the same amount of benefits that putting the same amount of money into the NHS pension would. 

dantaden

Flugelhorn said:

Have you got access to a total rewards statement online? this should show what is credited to you ... unless of course they are GP locums when you might have to wait a few more years yet ( they take forever).

I have access to TRS online. But when I try to view, it says we can not provide you automatically generated statement. Please contact so and so.

dantaden

p00hsticks said:

Your NHS pension doesn;t consist of investments in the same way that your SIPP does - it's a guarantee to pay you a specific amount of money for life on retirement depending on your length of service and pay. You will have been a very good investor if your SIPP  provides anywhere near the same amount of benefits that putting the same amount of money into the NHS pension would. 

I am trying to read and understand. Still gaining financial knowledge about how things work and stuff.
You make a very good point. But for opting-in NHS Pension, the agency reduces the hourly rate by 10% upfront. Which made me look for alternatives and I found SIPP.