Does transferring a UK pension abroad, transfer the amount I've contributed and my employers?

mdaymn92

Hi, a silly basic question where I am getting mixed answers from my research and I am now more confused.

I am not a British citizen, originally from Australia however have been here 9 years. I am thinking of moving back. If I transfer my NHS pension to an Australian one, going through the process, will the amount of money trasnferred be:

1. Only the contributions I have made over the years?

OR

2. My contributions and my employers contributions made?

e.g. To keep it simple, if I have contributed 10 pounds and my employer has contributed 5 pounds on top of that, will my new pension in Aus recieve 10 or 15 pounds?

Marcon

mdaymn92 said:

Hi, a silly basic question where I am getting mixed answers from my research and I am now more confused.

I am not a British citizen, originally from Australia however have been here 9 years. I am thinking of moving back. If I transfer my NHS pension to an Australian one, going through the process, will the amount of money trasnferred be:

1. Only the contributions I have made over the years?

OR

2. My contributions and my employers contributions made?

e.g. To keep it simple, if I have contributed 10 pounds and my employer has contributed 5 pounds on top of that, will my new pension in Aus recieve 10 or 15 pounds?

£15. As you are doubtless aware, a transfer from the NHS scheme would have to be to a QROPS which does NOT offer 'flexible benefits'.

Emmia

Where would you be trying to  transfer the pension to? Another employer? SIPP?

DE_612183

NHS Pension is a DB scheme - so the contributions don't really matter - it's all to do with your salary etc.

I think if you "try" to transfer there is a complicated calculation that works out how much is transferred - but depending on your age I don't know if you are allowed to do this....

mdaymn92

Marcon said:

mdaymn92 said:

Hi, a silly basic question where I am getting mixed answers from my research and I am now more confused.

I am not a British citizen, originally from Australia however have been here 9 years. I am thinking of moving back. If I transfer my NHS pension to an Australian one, going through the process, will the amount of money trasnferred be:

1. Only the contributions I have made over the years?

OR

2. My contributions and my employers contributions made?

e.g. To keep it simple, if I have contributed 10 pounds and my employer has contributed 5 pounds on top of that, will my new pension in Aus recieve 10 or 15 pounds?

£15. As you are doubtless aware, a transfer from the NHS scheme would have to be to a QROPS which does NOT offer 'flexible benefits'.

I have seen QROPS in my research and avoided it, that's my next point of call to look in to. Thank you.

mdaymn92

Emmia said:

Where would you be trying to  transfer the pension to? Another employer? SIPP?

Another employer

Emmia

mdaymn92 said:

Emmia said:

Where would you be trying to  transfer the pension to? Another employer? SIPP?

Another employer

Does your prospective employer accept these types of inward transfer?

mdaymn92

Emmia said:

mdaymn92 said:

Emmia said:

Where would you be trying to  transfer the pension to? Another employer? SIPP?

Another employer

Does your prospective employer accept these types of inward transfer?

Yes they would

Silvertabby

If a QROPS transfer isn't possible, you can have your NHS pension paid to you in Australia.  Unlike the State pension, which doesn't increase in Australia, your NHS pension will be fully index linked (CPI).    

Brie

I would ask the NHS pension about how they pay out to another country if you retained your benefits with them.  I know they must do so as lots of medical people move abroad but it would be good to know how easy it will be for you.  Sometimes having more than 1 pension gives you more flexibility so is something to consider.  

Marcon

Brie said:

I would ask the NHS pension about how they pay out to another country if you retained your benefits with them.  I know they must do so as lots of medical people move abroad but it would be good to know how easy it will be for you.  Sometimes having more than 1 pension gives you more flexibility so is something to consider.  

There's a factsheet on this topic if OP looks on the NHS pensions website.