Should I transfer 25 yr pension to NHS?

SnowWhiterThanWhite

Hi, have just left job with non contributory final salary pension scheme with 25 years in. I am commencing a new job within NHS shortly and will be joining their pension scheme, my question is whether or not I should transfer my existing pension to NHS or leave it alone?

Any help would be great, cheers.

Andy_L

How much is the old pension worth? What will that buy in the NHS pension?

If the previous job was in the Public Sector it is very likely to be worth transfering due to the different schems being, sort of, treated as one big scheme when it comes to moving jobs.

amaseal

The NHS Pension Scheme changes in April. I can stay in the old scheme but have to pay 0.5% more into it. I have had 2 colleagues over the last 15 years who joined the NHS from private firms who looked into transferring their pensions but both found that they wouldn't buy enough years to make it worthwhile. Take advice from NHS Pensions - they are very helpful but you need to make your own decision.
I transferred my own pension from the DHSS and got the same number of years as it was a public scheme.

SnowWhiterThanWhite

amaseal wrote: »

The NHS Pension Scheme changes in April. I can stay in the old scheme but have to pay 0.5% more into it. I have had 2 colleagues over the last 15 years who joined the NHS from private firms who looked into transferring their pensions but both found that they wouldn't buy enough years to make it worthwhile. Take advice from NHS Pensions - they are very helpful but you need to make your own decision.
I transferred my own pension from the DHSS and got the same number of years as it was a public scheme.

Thanks for that, I will speak with their pension team for more advice. My previous pension was in the private sector.
Finally, I understand that I can join up immediately (and be on the old scheme) or, wait until after April and join on the new scheme. What do you think?

Andy_L

My gut feeling, without comparing the 2 schemes, is that, as Public Sector schemes are being changed to reduce costs, the new scheme will not be as good