Leaving NHS pension

[PookieDo]

I have some in the 1995 scheme until 2015 (which doesn’t seem to be worth very much) and I think I could pull out at 60, and even less in the 2015 which I can take at 68

My ‘final reward package’ is all based on old info as I have been earning more for a year 🙄

Anyway my new employer isn’t yet set up on NHS pensions but will be at some point.

They have a different scheme for now

Do I pay into the new non NHS scheme for now? I don’t think I can ever join them up but I don’t really want a gap.

I am so confused

I think it would be worth speaking to an independent adviser.

However, to me it sounds like the new employer offers a different scheme so you can either pay into that or have your own self-invested pension? (presumably you do want to pay into something). It might be worth paying into the scheme as you'll probably get a contribution from the employer.

Your statement may be based on an old salary because they will update it annually. My (not NHS) pension is showing my benefits as of March 18 still, it’ll take them a few months to publish to March 19.

You should almost certainly join the new employer pension. Even if they don’t contribute themselves, you’ll get tax relief.

You could set up your own pension, but it may well have a higher annual charge than an employer one where they can leverage their size for good deals. But you can check charges and compare.

You say that they’ll be set up on NHS pensions at some point, but then say it won’t ever be joined up. Are you sure? Because if there is ANY chance they transfer everything into an NHS scheme, I’d stick with the employer one.

If you’re in a union, they may advise you - not on what to do, they’re not allowed, but they can advise on what it all means.

Alternatively, check out the MSE pensions forum - so much knowledge there! MN is very slow for money threads! (Unless it’s AIBU to think it’s hard to live on £500 spare a week. Those threads move fast 🤣)

Thanks though for both responding I appreciate it

I am going to put into NEST as I might be able to move it into NHS? I will get employer contributions I don’t want to miss out on that although it is not as good as I have been getting

It is scary moving from Agenda for Change as I don’t get to keep all my benefits but I get a higher salary

Not in a union
I am leaving NHS as a band 5 to join a Primary Care Network that haven’t been at all established properly as huge rush job 😂

It be good to have a separate pot and I wouldn't necessarily rush to then transfer into the NHS. I've got another public sector pension and while it's generous, it is quite restrictive as to when you can start taking it and then it's an annuity anyway. I imagine it's probably similar with the NHS one. A separate pot could give you a bit of flexibility to retire sooner or drawdown higher amounts some years if you have some bigger expenses to pay for.