Local Government Pension into NHS?

Dan-Dan

Hi All

We are really struggling to understand what we should do for the best here, my OH worked at a local school and was part of the local government pension scheme (in Wales) and left there to join the NHS

We have managed to get the transfer value from the NSH so we have navigated this far, problem is we dont really understand what to do now (fully understand we may need to take financial advice but wanted opinions anyway from the members here)

In a nutshell the paperwork says:

Previous scheme offers £21309.07 to buy pension benefits in the NHS scheme

and the NHS Pension scheme says

2015 NHS Pension
Earnings credit 0.00
club earned pension credit £1596.94 

Please could someone give me the nuts and bolts of this?

or please ask me anything and i will try to find out etc 

as i say if we need financial advice we will do that but of course pennies are tight so if its simpler than it appears that would be better!

Thank you 

Silvertabby

£21,309.07 is the rolled up one-off transfer valuation of the LGPS benefits.

£1,596.94 is the annual index linked NHS pension this will buy.

Looks like the LGPS benefits were all CARE, and so very similar to the NHS scheme.  The two figures you need to compare are the £1,596.94 offered by the NHS and the annual pension (not the total transfer value) accrued in the LGPS.  But I suspect that there won't be a huge difference.  So...

Transfer benefits to NHS.
1.  Simplifies things for your wife by having everything together.

2.  If she leaves the NHS before meeting the 2 year vesting period she will have actual pension rights in the NHS scheme.

Leave LGPS benefits where they are.
1.  Could take a (tiny) pension from age 55/57 even if still working in the NHS.

Dan-Dan

That is so helpful, thank you ever so much