Transfer of Pension Rights to NHS Pension Scheme?

_philippa_

Wondered if anyone can offer any advise as I'm a bit confused
I have a personal pension with Standard Life (current value 8181.47) which a previous employer contributed to. I have started a new job in the NHS and have joined the NHS pension scheme. I inquired about transferring my personal pension to the NHS scheme, Standard Life have offered a transfer value of 7891.95 which will buy me 1 year and 288 days membership in the NHS scheme.
Does anyone know if this sounds reasonable?
I'm unsure whether to leave things as they are or transfer?
Appreciate any help
:j

ffacoffipawb

_philippa_ wrote: »

Wondered if anyone can offer any advise as I'm a bit confused
I have a personal pension with Standard Life (current value 8181.47) which a previous employer contributed to. I have started a new job in the NHS and have joined the NHS pension scheme. I inquired about transferring my personal pension to the NHS scheme, Standard Life have offered a transfer value of 7891.95 which will buy me 1 year and 288 days membership in the NHS scheme.
Does anyone know if this sounds reasonable?
I'm unsure whether to leave things as they are or transfer?
Appreciate any help
:j

How old are you?
How much is your salary?
What sex are you (female, presumably)?
What is the NHS Retirement Age and scheme accrual rate (1/60ths, 1/80ths)?

_philippa_

Hello,
27
About 20,000pa
Female
Not too sure i'm afraid ?

ffacoffipawb

_philippa_ wrote: »

Hello,
27
About 20,000pa
Female
Not too sure i'm afraid ?

Assuming it is 1/60ths retiring at 60 (not too dissimilar to 1/80th with 3/80ths cash)

1/60 x 20,000 x ( 1 + 288/365 ) x ( 1.03 / 1.05 )^33 x 25 (annuity)

= 8091.51

So I would say that the guaranteed benefit of 1 year and 288 days being awarded isn't too shabby, go for it!

_philippa_

Thanks for your advice, much appreciated

CAE

You should also rmember that the NHS will probably only accept a transfer within 12 months of your starting, so best not to delay your decision too long.

claralou

ffacoffipawb wrote: »

Assuming it is 1/60ths retiring at 60 (not too dissimilar to 1/80th with 3/80ths cash)

1/60 x 20,000 x ( 1 + 288/365 ) x ( 1.03 / 1.05 )^33 x 25 (annuity)

= 8091.51

So I would say that the guaranteed benefit of 1 year and 288 days being awarded isn't too shabby, go for it!

Hope you don't mind me piggy-backing on this thread, but it's a similar query.

I am 31, female. Have got two small pensions currently:
1) £1,892 in a civil service pension
2) £9,027 in a personal pension with legal & general

I'm starting a new job with the NHS and am joining their pension scheme. I expect the NHS to be my main employer from now until retirement.

Is it worth me transferring my other 2 pensions into the NHS one?

Thanks for any ideas,
Claire

claralou

claralou wrote: »

Hope you don't mind me piggy-backing on this thread, but it's a similar query.

I am 31, female. Have got two small pensions currently:
1) £1,892 in a civil service pension
2) £9,027 in a personal pension with legal & general

I'm starting a new job with the NHS and am joining their pension scheme. I expect the NHS to be my main employer from now until retirement.

Is it worth me transferring my other 2 pensions into the NHS one?

Thanks for any ideas,
Claire

Sorry should have added, salary when I join NHS will be £23k

EdInvestor

You need to get a transfer value from L&G and ask the NHS how many years this will buy as the OP has done.

The Civil service pension should be straightforward as they are both in the "transfer club" so you would be in the same or better position if it is moved to the NHS.