Check this, but when I left the NHS the rules were something like...
- If you never go back to the NHS, your benefits will be based on what you earned while you were a member of the scheme. - If you go back to the NHS after 5 years have elapsed, you will have two pension pots - the one you've just left (which will be the same as above) and a new one. - If you go back to the NHS before 5 years have elapsed, you can start paying in to your existing pension again. - If you start a job in the "transfer club" (universities, local government, stuff like that), you can transfer your membership from the NHS pension scheme to whatever new pension scheme you are going to be in. You have two years from when you start paying into the new scheme.
In that last case, I disagree with TalkinPeace. If you expect your earnings to increase substantially (not just inflation, but pay rises) whilst in the employment of a uni, local gov, or other transfer club employer, you are better of transferring your NHS years into the new scheme, because whatever multiple you end up with will be based on a higher (final or average) salary than your final NHS salary.
Spindelina is absolutely correct IF you are in the situation of transferring your allowance (its not a pension pot) across to another well funded public sector defined benefit scheme because then your years accumulate BUT under no circumstances should you transfer your pension allowance out of a defined benefit sphere
I am in a similar position and have no idea what to do with my pension. I received a letter in the post yesterday asking if I wanted my pension to remain in the 1995 scheme and future payments to go in the new scheme from April (or transfer all to the new scheme).
I am leaving the NHS in July (they don't know yet). I will have 19 years service by then but due to the job moving away, and crazy hours during the night, (centralisation) I have decided to retrain. I am working part time at the moment and have worked part time since 2005 (so, pension has already taken a hit). My new career, of course, will be full time so I WILL earn more for the rest of my working life. My starting salary will be more than I earn part time now and will rise each year with increments. It is another public sector role so I should be able to transfer my pension under the 'transfer club'. I had not heard of this club until I came on this website.
I guess this is the best way to go about it?
Good luck original poster. Sorry to gate crash your post.
Applejack, you might be better off starting a new post. If you've been full time for the majority of your career and only recently p/t you might be better going to the newer career average rather than final salary scheme. But I'm no expert. It'll depend on how long you've been part time for?
I had always planned to work part time for 10 years due to having 2 babies and no family help with childcare. My eldest starts secondary next year so I have started to feel I am ready to go back full time (although, due to changes going on like centralisation I am better retraining).
Hi Applejack you have ten years of part time - you are unlikely to benefit from the new scheme so keeping in the old scheme should work BUT as a public sector employer I have access to a whole range of tools into which you can plug your numbers and look at your options
if you are leaving, the weighting of your career average MIGHT be better but it will come down to actual pay grades