NHS pension or nest.

julieslogin

Hi.

I took my NHS pension nearly 2 years ago and went back to work part time. I have since paid into nest pension. I received a letter asking if I want to go back into the NHS pension as the rules have recently changed. I not sure what to do. I plan to work for the next 10 years. 

Stubod

..no brainer...NHS

Dazed_and_C0nfused

julieslogin said:

Hi.

I took my NHS pension nearly 2 years ago and went back to work part time. I have since paid into nest pension. I received a letter asking if I want to go back into the NHS pension as the rules have recently changed. I not sure what to do. I plan to work for the next 10 years. 

Unless you're an investment genius I can't imagine a DC pension like Nest ever beating the NHS scheme.

And if you were that much of an investment genius you wouldn't need to be working 😄

MikeyPGT

Definitely opt back in to the NHS pension - Nest is not a brilliant choice for anyone as far as I can see, but a final salary scheme has to be a winner

xylophone

You might wish to check if it is possible to transfer the NEST into the new NHS pension.

ggmf

xylophone said:

You might wish to check if it is possible to transfer the NEST into the new NHS pension.

This is the question that we are asking for Mrs GGMF who retired last year (1995 scheme) and returned so now in NEST.

Whilst Employee contributions will be higher for the 2015 scheme, so will the Employer contributions be compared to NEST.

MikeyPGT

ggmf said:

xylophone said:

You might wish to check if it is possible to transfer the NEST into the new NHS pension.

This is the question that we are asking for Mrs GGMF who retired last year (1995 scheme) and returned so now in NEST.

Whilst Employee contributions will be higher for the 2015 scheme, so will the Employer contributions be compared to NEST.

This Transferring into the Scheme | NHSBSA would suggest that it is possible to transfer pensions in - certainly the case with Civil Service and Local Government pensions of which I have previous personal experience.  Nothing to lose by asking NHSBA teh question directly.

GrubbyGirl_2

The NHS pension will beat any DC pension hands down.  Not only should you rejoin you should transfer your NEST pension too if you can

ggmf

I guess there could be another question on the horizon: Those who returned and returned (as per the rule change) and were only Offered NEST, against those who can now retire and return and go into the 2015 scheme - discrimination?

andybodoyd

Retired and returned 18 months ago.Had e-mail from NHS pensions last week giving 5 options. One option is to transfer my NEST contributions into the 2015 scheme. Need to let them know by next week.

SacredStephan

andybodoyd said:

Retired and returned 18 months ago.Had e-mail from NHS pensions last week giving 5 options. One option is to transfer my NEST contributions into the 2015 scheme. Need to let them know by next week.

By next week - are you sure?
I'd suggest that by 31/03/2024 is more likely.