Transfer Nest pension into NHS pension

Silvertabby

https://forums.moneysavingexpert.com/discussion/comment/81947371#Comment_81947371

You can also access the NHS pension at 57/58, subject to an actuarial reduction for early payment.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81947452#Comment_81947452

Did you mean 57/58 ?

Silvertabby

https://forums.moneysavingexpert.com/discussion/comment/81947808#Comment_81947808

Oops yes, I did indeed!

Helppension2

https://forums.moneysavingexpert.com/discussion/comment/81946730#Comment_81946730

Thanks Dave, so you are saying if I only stay in the NHS for just a few years (even if I transfer my 6 year NEST pension worth around £23,000) that it is better not to transfer my NEST pension into the NHS DB one? Look forward to hearing from you if possible.

Dazed_and_C0nfused

https://forums.moneysavingexpert.com/discussion/comment/81948646#Comment_81948646

No, don't think that's what being suggested.

It's often a judgement between having whatever extra guaranteed NHS pension income your NEST pot would buy and the flexibility a DC pension like NEST would give if you kept it as a DC pension (whether that is with NEST or another provider).

Some people would jump at the chance to buy more DB pension. It could well have uncapped inflation protection once retired and isn't subject to the ups and downs of the investment world.

Others would like the flexibility the DC pot brings.

Can you get a quote to see what your pot would buy in the NHS scheme?

LHW99

Also, as said above, if you transferred in your NEST pot, it would enable you to remain a deferred NHS pensioner, rather than having to get a refund / transfer if you leave before 2 years are up

JoeCrystal

https://forums.moneysavingexpert.com/discussion/comment/81948646#Comment_81948646

No, that is certainly not what Dave is saying. I believe Dave meant that such schemes are extremely generous and indeed encouraging in some respect for you to transfer your NEST pension into NHS DB pension scheme. Have you read up everything relating to the NHS pension scheme already?

Helppension2

https://forums.moneysavingexpert.com/discussion/comment/81948700#Comment_81948700

Thanks for coming back with that, I must admit I have not read up on everything relating to the NHS pension scheme as I find it all totally confusing and I am not of the mindset to be able to work out the pros and cons, it is all, unfortunately, sounds difficult to understand.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81955751#Comment_81955751

Maybe all you need to know is that by having a NHS pension, you will be in a much better position when you get older than if you have a standard DC pension, like NEST.

JoeCrystal

And you can always ask questions on this forum. NHS DB pension is far more simpler than you think compared to DC pension schemes in general at least in what you can expect in terms of incomes.