Can you transfer a L&G and Scottish Widow pension which was transfered into an NHS pension back out

JamieMoore

Hello,

I' m asking if anyone has any success in transferring money from an NHS pension into a SASS?

10 years ago I consolidated my previous employers pensions into the nhs, one was at Scottish Widow and the other was an L&G pension into the NHS when i moved employers.

I have now left the NHS i cannt add into the pension and want to transfer my money out.

I've been looking to transfer all of my NHS pension into a SASS, however ive be informed that i cannot do this  informed by the nhs (its the 2015 scheme unfunded defined benefit scheme).  

I have 1/3 of money which I contributed into the nhs when i work there, however I have 2/3 of the money which i had in L&G and Scottish Widow which i transferred in to the nhs.  Whilst i understand that i cannt transfer the 1/3 nhs money out, is there a way which i can get the 2/3 back from my previous pensions?

Thanks for any help and advice.

Jamie

hyubh

JamieMoore said:

Hello,

I' m asking if anyone has any success in transferring money from an NHS pension into a SASS?

10 years ago I consolidated my previous employers pensions into the nhs, one was at Scottish Widow and the other was an L&G pension into the NHS when i moved employers.

I have now left the NHS i cannt add into the pension and want to transfer my money out.

I've been looking to transfer all of my NHS pension into a SASS, however ive be informed that i cannot do this  informed by the nhs (its the 2015 scheme unfunded defined benefit scheme).  

I have 1/3 of money which I contributed into the nhs when i work there, however I have 2/3 of the money which i had in L&G and Scottish Widow which i transferred in to the nhs.  Whilst i understand that i cannt transfer the 1/3 nhs money out, is there a way which i can get the 2/3 back from my previous pensions?

No you cannot, the rule from 2015 you mention pertains to all components of your NHS pension, including any arising from a transfer in.

That said, it's unclear why you would want to...

Marcon

JamieMoore said:

Hello,

I' m asking if anyone has any success in transferring money from an NHS pension into a SASS?

10 years ago I consolidated my previous employers pensions into the nhs, one was at Scottish Widow and the other was an L&G pension into the NHS when i moved employers.

I have now left the NHS i cannt add into the pension and want to transfer my money out.

I've been looking to transfer all of my NHS pension into a SASS, however ive be informed that i cannot do this  informed by the nhs (its the 2015 scheme unfunded defined benefit scheme).  

I have 1/3 of money which I contributed into the nhs when i work there, however I have 2/3 of the money which i had in L&G and Scottish Widow which i transferred in to the nhs.  Whilst i understand that i cannt transfer the 1/3 nhs money out, is there a way which i can get the 2/3 back from my previous pensions?

Thanks for any help and advice.

Jamie

No - and as the NHS pension is an 'unfunded' scheme you can't transfer out your whole NHS pension to your SSAS, either.

QrizB

JamieMoore said:

I have 1/3 of money which I contributed into the nhs when i work there, however I have 2/3 of the money which i had in L&G and Scottish Widow which i transferred in to the nhs.  Whilst i understand that i cannt transfer the 1/3 nhs money out, is there a way which i can get the 2/3 back from my previous pensions?

You don't have a L&G pension any more, nor a SW pension. It's all NHS pension and none of it can be transferred out to a DC scheme like a SSAS.

Albermarle

It would be crazy to transfer out of one of the best pension schemes in the U.K.
As well as ‘your’ money the taxpayer pours billions into it.

FrustratedPython

Albermarle said:

It would be crazy to transfer out of one of the best pension schemes in the U.K.
As well as ‘your’ money the taxpayer pours billions into it.

I've seen figures that show that the NHS pension scheme routinely contributes rather than draining the system, as the contribution rates (especially for higher earners) are so high.

dunstonh

FrustratedPython said:

Albermarle said:

It would be crazy to transfer out of one of the best pension schemes in the U.K.
As well as ‘your’ money the taxpayer pours billions into it.

I've seen figures that show that the NHS pension scheme routinely contributes rather than draining the system, as the contribution rates (especially for higher earners) are so high.

The contribution rates are not high.   

Marcon

FrustratedPython said:

Albermarle said:

It would be crazy to transfer out of one of the best pension schemes in the U.K.
As well as ‘your’ money the taxpayer pours billions into it.

I've seen figures that show that the NHS pension scheme routinely contributes rather than draining the system, as the contribution rates (especially for higher earners) are so high.

Be interesting to see a link to such figures - please could you kindly provide one?