Leaving the NHS after 22 years of service

[unhappyandconfused]

Hi,

I have finally decided to leave the NHS as I have had enough of the way we are treated and the crazy hours our manager expects us to work.
I just wanted to ask what people, who also left the NHS, did about their pension? Did you leave it with the NHS?

[retirednow]

how old are you and are you in the special category that you can take your pension from age 55. I retired after 28 years, took tax free lump sum and now get a monthly payout. You can contact the hospitals pension department for a pension forecast and then go and see them to see what your options are. Are you ever likely to return to the NHS.

[unhappyandconfused]

Hi,

I have just turned 46. I don't think I can get my pension from 55. I think the 1995 pension scheme is from 60 but the new one is from 67!
How old were you when you retired?
I doubt I will return to the NHS tbh.

[retirednow]

I was 58 when I left, when I saw the pension people they told me I could of gone at 55, I was in the old scheme, I joined in 1989. It is supposed to be a good pension scheme, are you going to try and get a different job, you could take the pension with you. I would definitely go and get a pension forecast. Another 21 years! crikes.

[maxelly]

Hi Op,

When I left the NHS (after a bit less service than you but still a good chunk) I had the opportunity to transfer my pension into my new employer's pension scheme. I considered doing it but ultimately left it with the NHS as the transfer terms weren't great. I will be able to access it at normal retirement age or reduced from early retirement age which I think is 10 years from normal retirement age (but check that out).

Depending on what you are planning on doing for work (I assume you would be planning on getting another job?) you may want to transfer your NHS credits into a new employer's scheme, leave it in the NHS scheme to be drawn when you reach retirement age or possibly transfer to a private pension.

This booklet explains the options:

www.nhsbsa.nhs.uk/sites/default/files/2017-05/Leaving%20Early%20and%20Transferring%20Out%20Booklet%20%28V14%29%20-%2005.2017.pdf

HTH

[MrsFezziwig]

The NHS pension is a relatively good scheme and so it probably wouldn’t make sense to transfer your credits into a less advantageous one, but it is something you really must take advice on.

Getting your NHS pension at 55 is only possible if you are a member of the “special classes” - i.e. nurses, physiotherapists, health visitors and midwives - and is a historical thing due to the supposed arduous nature of the job. Apparently it has been closed to new entrants anyway since 1995.