Pension Advice

[James_N]

Hi All

I used to work for the NHS, and have a good 10 years in the NHS pension scheme (amounting to just under £27k). I left the NHS and this was frozen.

I now work for another company and have enrolled in their pension scheme (NEST). I now only work part time so my pot under nest is very small (£1,500 or so). Having looked at a statement from 2015 and a statement today, it seems my pension isn't doing anything sat in the NHS scheme, so i was wondering if i should transfer it to my current NEST provider, where hopefully it would grow more than the mesely few hundred quid its grown by in the NHS over the past 5 years.

The transfer in is easy enough, as its just a form, but knowing very little about pensions, I'm sat here wondering "should I"

Thank you for any advice.

James

[xeny]

Is there any chance the NHS pension is a Defined Benefit (we pay you a certain amount every year) one, which you're comparing to a Defined Contribution one?

If so you're comparing apples and oranges.

[The Leaper]

James_N said:

Hi All

I used to work for the NHS, and have a good 10 years in the NHS pension scheme (amounting to just under £27k). I left the NHS and this was frozen.

James

Is that £27,000 pa pension once payable, or a capital amount of £27,000?

When did you leave the NHS Pension Scheme and are you sure it' (whatever it is) is frozen?

R.

[James_N]

The Leaper said:

Is that £27,000 pa pension once payable, or a capital amount of £27,000?

When did you leave the NHS Pension Scheme and are you sure it' (whatever it is) is frozen?

R.

Xeny - I have absolutely no idea, sorry!

My pension statement just says this:

Annual Benefit Statement 1995 Section

Date first joined NHS Pension Scheme 06/12/2004

Normal Pension Age: 60 years

Pay £26,884.55

Updated To: 15/01/2014 (when I left)

I just want to make sure I'm getting maximum benefit from it, which I'm not sure I am, but I know very little about pensions, hence asking here
Thank you

[xeny]

https://www.which.co.uk/money/pensions-and-retirem... looks a potentially very useful read to help you make sense of what you've got.

[The Leaper]

James_N said:

The Leaper said:

Is that £27,000 pa pension once payable, or a capital amount of £27,000?

When did you leave the NHS Pension Scheme and are you sure it' (whatever it is) is frozen?

R.

Xeny - I have absolutely no idea, sorry!

My pension statement just says this:

Annual Benefit Statement 1995 Section

Date first joined NHS Pension Scheme 06/12/2004

Normal Pension Age: 60 years

Pay £26,884.55

Updated To: 15/01/2014 (when I left)

I just want to make sure I'm getting maximum benefit from it, which I'm not sure I am, but I know very little about pensions, hence asking here
Thank you

This is getting more confusing than deciding whether or not I can or should not book a holiday at the moment!

In your first post you suggest the pension is £27000.

In your second you say "Pay; £26,884.55,

So, is the amount pension or pay?

R.

[xeny]

Glancing at the link I posted ^ , the OP seems to be in the 1995 final salary scheme, so their salary is probably relevant to working out their pension entitlement.

[rfisher]

NHS 1995 DB Pension.

10 years with final (leaving) salary at £27k = pension of 10/80 x 27,000 = £3,375 per annum, £281.25 per month.

If you've left the NHS then your contributions have ceased, but your pension is increased annually by the CPI amount.

You also get 3x pension tax free lump sum (£10,125).

Have a chat with Nik in the IM team for sensible information about your options.

A lot will depend on how far away from 60 you are.