NHS Pension Post NPA

[dude101guy]

Hello

I had a question about NHS pensions.

I am 70 and have already reached NPA (nominal pension age). In addition, I am leaving my current post at the NHS in August. I am uncertain if I will continue to work in an NHS position at this point.

I have been employed at the NHS for around 10 months.

I have been told I am unable transfer my NHS Pension since I have already reached NPA: neither able to transfer out the pension into my bank account nor transfer it to another provider.

I would like to be able to access the pension that I have worked for over the past year or so.

If anyone can please advise as to how I can access the funds in pension it would be most appreciated.

Best regards
Wayne

It’s not a pot of money that can be transferred into an account, do you have access to the portal to tell you how much you will get? It’s 1/54 of your pensionable pay for each year you have contributed.

https://www.nhsbsa.nhs.uk/member-hub/applying-your-pension#jumplinktop

If.you want to access the pension funds, and you are past retirement age, you take the pension.

Not quite sure what you want advice on.

It's probably small enough that you take take it as a trivial sum commutation if you want it all in one lump rather than monthly payments for life.

sorry if it was't clear: when I say transfer out I mean to move the funds from the pension scheme into my own personal bank account. One of the NHS pension advisors informed me that I cannot transfer the pension since I am above NPA. Was she stating that I cannot transfer the pension to another pension provider or that I cannot draw the pension to my own personal account? or both

sorry the confusion but I have been given ambiguous and conflicting information

you can’t move the funds, there isn’t a little pot of funds that you’ve saved. You need to apply for whatever tiny pension you are now eligible for and they will pay that into your bank account.

The NHS pension cannot be transferred to a private pension (regardless of its size or your age). It can only ever be transferred to another defined benefit pension (for example if you got a job in the civil service you could combine the pensions).

As you've paid in for less than 2 years you could probably get your payments (not employer payments) refunded. This would be a cash payment, not in a pension wrapper. You could then pay it into your bank or another pension.

Apart from this there is no way to 'withdraw the pot' because there is no pot. It's more like the state pension than a private pension. You have not paid into a 'savings account' that reserves a piggy bank full of money your personal use. Instead you have bought an 'entitlement to be paid a pension'.

So if you want to take the money out you can only do it by applying for this entitlement - that is, drawing your pension.

If the nominal value of the pension (what it would be worth if paid over an average lifetime) is very small (I think under £30k) you normally have an option to 'sell' your entitlement to a pension, and be paid a single lump sum instead. This is 'trivial sum commutation'. I'm not aware of this option being affected by your age, but it is possible - because it would affect the nominal value calculation.

NHS pensions is notorious for giving wrong advice, and local trust pension/payroll staff are even worse, so you need to read the scheme documents to be certain about your options.

The member guide is here: https://www.nhsbsa.nhs.uk/member-hub/understanding-your-benefits-2015-scheme

Addition to above - trivial commutation may not apply while.you are within the time frame for refunded payments. I've not checked, but I suspect the options are not overlapping.