Cancelling NHS pension

[justdoit43]

Does anyone know, if I cancel my nhs
Pension am I able to just rejoin in a couple of years. Tried to speak to someone from HR but can't get through. Paid in pension for 10 years. Struggling with money at the moment to would like to come out of the pension but hopefully in a few years when children go to school full time I'll be able to rejoin

You will be able to, but depending on any changes made to the scheme in the interim it may not be as good. Not a good idea to do this at all though

Yes, call payroll and ask for the opt out form. You’ll be auto enrolled at some point, it’s every 3 years but you can rejoin before then

Think carefully as pp says they could make changes which would mean a less favourable pension.
You don't save as much as you pay out, so is it really worth it? Check first.
I had to claim my NHS ill health pension in my 30s, you really don't know what's around the corner, without that pension I would be in a very different position today.
I'd look again every other way yo save /make money before stopping a pension.

It's such a hard decision. I'm really struggling for money at the minute, I've had to drop hours and work, I'd rather not stop my pension but I can't see any other way

Yes you can leave NHs pension and rejoin please check with payroll if the hospital will pay you the employer contribution during that time
you will lose death benefit during that time so may want to think about separate insurance for that

Is it possible that you could keep paying an absolute minimum amount rather than stop completely, or maybe stop for a 6 month period? It would be worth checking options before committing to a total stop.
Scheme rules change quite often, and you don’t want to go back into an inferior scheme.

Yes you can . I have came out it just now. I can rejoin at any time.

Try every other option before pulling out of the nhs pension. Remember you will save money but also LOSE money as the nhs makes significant contributions to the pension on your behalf.

OP, please think very carefully before dropping out of your pension scheme. If you died in a terrible accident would your DC still get the death in service payment? Because if not you'd need to do an insurance premium to protect your DC. Pension is taken out before tax and NI premiums so if you did not pay pension you'd pay a bit more tax and NI. One day you will be old (like me) and be so bloody grateful you have a decent pension. Can't you cut back on anything else instead?

@justdoit43 this should be an absolute last resort.

Make sure you check if you can get universal credit or any other help before stopping your pension.

I mentioned it to my colleagues and they have talked me out of it. I'm just struggling at the minute but hopefully it will be short term and when the children go to school more hours, I can increase my hours. Thank you for all the messages

Good to hear - and make sure you're making the most of Blue Light discounts etc

Have you considered paying interest only in your mortgage for six months under the new mortgage charter? Or extending the term?