Transfer In to NHS 2015 Scheme?

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tonesfanclub
tonesfanclub Posts: 1 Newbie
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in Pensions, annuities & retirement planning
Hi,
I have a DC pension from a previous employer (i have just joined the NHS) which is worth approx £100,000.
I am considering transfering this into the NHS 2015 scheme, but have no idea how much it will be worth to me, not even a rough estimate. My salary is currently a Band 2 and is £17,500 approx.

Could anyone give me an idea of what I may expect and how that value is actually presented.

I know I can fill out a transfer form and wait 2 months for the NHS to work it out, but I wanted to have some sort of a clue as to what it could look like.

Regards
Tony

Comments

  • JoeCrystal
    JoeCrystal Posts: 3,013 Forumite
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    No idea to be honest. I think it will buy extra pension per year on top.

    I saw one topic two years ago that the transfer value of £59,141.59. It will buy a Pensionable Earnings Credit of £234,310.04 so 1/54 accrual rate would work out as an extra pension of £4,339 per year.

    Please come back once you got the figures, I would be most interested to hear what was the offer from NHS for £100,000 pension pot. It is always my plan to work for local government or public sector once I build up a six-figure pension pot so I can transfer it to get index-linked income. :)
  • xylophone
    xylophone Posts: 44,413 Forumite
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    I have a DC pension from a previous employer (i have just joined the NHS) which is worth approx £100,000.

    You are aware that transfers out of the NHS Scheme to a DC scheme are not permitted?

    Might you prefer to keep the flexibility of your DC Scheme and then have the security of the DB Scheme on top?
  • JoeCrystal
    JoeCrystal Posts: 3,013 Forumite
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    xylophone wrote: »
    You are aware that transfers out of the NHS Scheme to a DC scheme are not permitted?

    Might you prefer to keep the flexibility of your DC Scheme and then have the security of the DB Scheme on top?

    Well, you can always open new DC scheme and contribute into it on top of the DB Pension contribution. Especially when only contributing 5.6% or £82 per month into the NHS pension scheme.
  • crv1963
    crv1963 Posts: 1,372 Forumite
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    I've no idea what it will buy you in the NHS scheme, but a lot will depend on your age, what age you aim to retire and if you are planning to work to state pension age or go earlier and use your DC pot to drawdown to bridge the gap between retiring and getting your DB pension.

    100k pot gives you flexibility to retire earlier, once it is in the NHS you can't get it out again, but it will depend on when you plan to retire or if you can build another pot up.
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
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    I'm not too keen on irreversible decisions myself. But if I were considering this I think I might convert the DC pension to cash PDQ lest I end up trying to convert a substantially smaller pot.
    Free the dunston one next time too.
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