Should I move my NHS pension into LGPS?

Aj2soad

I'm 40 years old and I've been working for the NHS just shy of 18 years as a band 4 (£29k) My TRS shows both 1995 and 2015 schemes. 

I'm leaving the NHS in December to a local authority job which pays £38k. 

Would I be better off changing my policy over to the local authority or just starting a new one? 

I'm a bit confused with the McCloud remedy as well. I know I can take the pension out when I'm 60 but does it only apply to the amount I earned up to 2015 or is it till I leave the NHS?

Silvertabby

There's no clear right or wrong answer to this question.

As soon as you join the LGPS ask for a transfer in quote.  You won't be committed to going ahead with the process, but you will have the facts and figures needed to make your final decision.

DRS1

Aj2soad said:

I'm 40 years old and I've been working for the NHS just shy of 18 years as a band 4 (£29k) My TRS shows both 1995 and 2015 schemes. 

I'm leaving the NHS in December to a local authority job which pays £38k. 

Would I be better off changing my policy over to the local authority or just starting a new one? 

I'm a bit confused with the McCloud remedy as well. I know I can take the pension out when I'm 60 but does it only apply to the amount I earned up to 2015 or is it till I leave the NHS?

I may be wrong but isn't 60 the normal retirement age under the 95 scheme?  If you have some benefits under the 2015 scheme the normal retirement age for that will probably be your state pension age.  All McCloud does is give you the option to have some service under one scheme or the other.  I don't think it lets you put all your service with the NHS into the 95 scheme.

LightFlare

DRS1 said:

Aj2soad said:

I'm 40 years old and I've been working for the NHS just shy of 18 years as a band 4 (£29k) My TRS shows both 1995 and 2015 schemes. 

I'm leaving the NHS in December to a local authority job which pays £38k. 

Would I be better off changing my policy over to the local authority or just starting a new one? 

I'm a bit confused with the McCloud remedy as well. I know I can take the pension out when I'm 60 but does it only apply to the amount I earned up to 2015 or is it till I leave the NHS?

I may be wrong but isn't 60 the normal retirement age under the 95 scheme?  If you have some benefits under the 2015 scheme the normal retirement age for that will probably be your state pension age.  All McCloud does is give you the option to have some service under one scheme or the other.  I don't think it lets you put all your service with the NHS into the 95 scheme.

From what i recall it lets you decide which scheme you want the years 2015 - 2022 in

Aj2soad

From what I've read is if I move it to lgps scheme the minimum retirement age is 65 for the final salary and state pension age for the career average. 

DRS1

Aj2soad said:

From what I've read is if I move it to lgps scheme the minimum retirement age is 65 for the final salary and state pension age for the career average. 

That may be the normal retirement age but it is not the minimum age: you can retire "early" at any time from age 55 (shortly to change to 57).  The pension may get reduced by an early retirement factor if you do but you need to look at the whole picture and not just age 60 or age 65 in isolation.  Will transferring the pension from the NHS to LGPS give you a better/higher pension (even after it is reduced by the ERF)?  You probably qualify for a Club Transfer so it must be worth asking for a quote at least.

DRS1

Oh and after you have joined the LGPS get a move on - there is a 12 month time limit (not sure if that is for the quote or the whole transfer process but either way the time can go by very quickly).