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Resigned from NHS

(18 Posts)
MegCleary Sat 22-Nov-14 09:06:09

What is the best thing to do with my pension. Any wise people know?

CogitoErgoSometimes Sat 22-Nov-14 11:06:37

Suggest you don't do anything hasty. Is it a final salary pension?

MegCleary Sat 22-Nov-14 11:57:40

Not sure, never thought I would not be working to be honest! Just kept paying in as you do.

CogitoErgoSometimes Sat 22-Nov-14 12:15:11

See if you can get some details or a statement of some kind. Ask HR or your union rep to explain your options. It won't come to any harm if you leave it be while you take advice

MegCleary Sat 22-Nov-14 12:43:55

Good idea I'll email HR and see what they say. Many thanks

TalkinPeace Sat 22-Nov-14 17:28:22

If you have been in the NHS you do not have a "pension fund"

you will be entitled to claim your pension when you get to retirement age, it will be based on your earnings while in the NHS
HR will be able to tell you the annual figure

but whatever you do, do not accept any offers to "transfer" to a separate provider

MegCleary Sat 22-Nov-14 18:55:03

Ok so it just sits there until then and i could add to it if i took another NHS job?

TalkinPeace Sat 22-Nov-14 19:40:53

if you take another NHS job then you start a new NHS pension as a fresh starter that will clock up on your hours and pay and time under the new rules

when you hit retirement age you'll get a combined cheque

Spindelina Sat 22-Nov-14 20:12:46

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.

TalkinPeace Sat 22-Nov-14 20:25:50

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

MegCleary Sat 22-Nov-14 20:53:00

Rightio people thanks a million for that.

Applejack2 Sun 23-Nov-14 17:13:35

Hi,

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.

VivaLeBeaver Sun 23-Nov-14 17:18:01

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?

Applejack2 Sun 23-Nov-14 17:21:54

I was full time for 9 years, then 18.5 hours for 5 years, then 23 hours for 5 years. So, mainly part time.
I am so confused.

Applejack2 Sun 23-Nov-14 17:24:36

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).

TalkinPeace Sun 23-Nov-14 17:26:00

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

VivaLeBeaver Sun 23-Nov-14 17:29:38

put your info in here

Applejack2 Sun 23-Nov-14 17:41:16

I will have a play with that link Viva, thanks.

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