Pensions

[user1497287838]

Hello

I have just started working for the NHS and have the option of putting my Local Government Pension into the NHS scheme

Anybody in the same situation or have experience of this?

Thank you Pat

There is no advantage - there used to be, but now as a career average scheme it gets revalued wherever it is. The other reason to leave it where it is, is that the NRA on your new scheme is climbing, if you transfer in, your old years will also be at the NRD as at now. It may buy you more years, but you will delay the optimum retirement time. You could also claim one and leave the other. Leave it where it is and retain flexibility.

That's not necessarily true dont. If the op has earlier final salary membership that is transferred, then it could be based on the new final salary so if this is higher the OP might be better off transferring. OP the best thing to do is ask the NHS to investigate the transfer. They will then provide you with a quote of what the transfer will buy and you can compare the benefits against what you would get leaving it where it is and make a decision once you have all the information.

Also bear in mind that if you leave the benefits separate then qualify for early retirement in the NHS (e.g. ill health) then only the NHS benefits will be paid early - you would have to apply separately for payment of the LGPS benefits which may or may not be approved. The NHS pensions agency and your LGPS administering authority can give you more guidance on this.

I agree with the points dont makes about normal retirement date and the option to draw LGPS benefits while still working in NHS. Ultimately OP you need to think about when you plan to retire and if this will benefit you.

Chessie new transfers are actuarially transferred to the new section, there is no capital uplift. Agreed a quote is required but you don't get x years for x years. The FS no longer exists and the value of the new FS is irrelevant.

Sorry dont but that's not true for transfers between public sector schemes - as long as there hasn't been a break in public sector scheme membership, the final salary membership keeps its final salary link if transferred. What you're talking about is true for transfers into the NHS from a non-public sector scheme.

Missed a bit out - should say if there hasn't been a break in public sector scheme membership of more than 5 years

Well that demonstrates the fatal flaw of internet advice, sorry OP. Thank you for coming back and correcting my BS. Also shows the nuances between the rules of different sections. I've transferred the USS and reviewed external transfers, but proves that never assume always applies off to name change now