Nest v NHS pension
Discussion
Hi All
I was wrongly advised after an ill health retirement break that I could not return to receiving an NHS pension and so my employer contributions were paid to a Nest pension. Since learning I can join the 2015 NHS pension scheme the Nest pension has now been stopped at my request
I am wondering whether it would be in my best interests to transfer the 3.5 years contributions to Nest to the NHS pension .
I appreciate you do not know my circumstances but as I do not know but I thought you might be able to help
I would appreciate any advice
Thank you
24/7
I was wrongly advised after an ill health retirement break that I could not return to receiving an NHS pension and so my employer contributions were paid to a Nest pension. Since learning I can join the 2015 NHS pension scheme the Nest pension has now been stopped at my request
I am wondering whether it would be in my best interests to transfer the 3.5 years contributions to Nest to the NHS pension .
I appreciate you do not know my circumstances but as I do not know but I thought you might be able to help
I would appreciate any advice
Thank you
24/7
I have been looking at this recently, so far I havent been able to determine what benefit transferring NEST into the 2015 scheme.
The 2015 scheme contributions buy a pot every year equivalent to 1/54 of your salary - not sure how the nest would help, unless if buys some years to that you can retire before NPA with less penalty
The 2015 scheme contributions buy a pot every year equivalent to 1/54 of your salary - not sure how the nest would help, unless if buys some years to that you can retire before NPA with less penalty
https://www.nhsbsa.nhs.uk/sites/default/files/2015...
I have no practical experience of this but at face value, it sounds unlikely that a cash balance that has accumulated within NEST could ever be transferred over to a ‘defined benefit’ scheme such as NHS 2015 but would assume that a simple phone call to the scheme administrator would get you the answer if it isn’t covered in the attached link. Best of luck!
I have no practical experience of this but at face value, it sounds unlikely that a cash balance that has accumulated within NEST could ever be transferred over to a ‘defined benefit’ scheme such as NHS 2015 but would assume that a simple phone call to the scheme administrator would get you the answer if it isn’t covered in the attached link. Best of luck!
There are some changes going on within the nhs pension where people are being offered the option to move nest into the nhs pension 2015 (CARE) section - however there does not appear to be any explanation about how this works. I spent an hour on hold to the nhs pension dept last friday trying to find out what the story is.
OP dont know if you found anything out re NEST and NHS pension, found this just now which may be helpful
"The transfer value from your previous pension scheme is multiplied by 54 and the total amount divided by the factor supplied by our Actuaries which is dependent on the member’s age, and their Normal Pension Age (NPA).
You earn a pension of 1/54th of the pensionable earnings credit. This pension is increased each year by inflation, known as Treasury Orders."
"The transfer value from your previous pension scheme is multiplied by 54 and the total amount divided by the factor supplied by our Actuaries which is dependent on the member’s age, and their Normal Pension Age (NPA).
You earn a pension of 1/54th of the pensionable earnings credit. This pension is increased each year by inflation, known as Treasury Orders."
The pension regulator can take up complaints relating to pension providers. Rather than the FOS which desks with regulated advisors.
You probably don’t need a solicitor unless it is to point you in the right direction. These are free services. Have you complained directly to the people who gave you the erroneous advice?
They have to respond. If you have evidence of this tgey may have to reinstate your lost years.
You probably don’t need a solicitor unless it is to point you in the right direction. These are free services. Have you complained directly to the people who gave you the erroneous advice?
They have to respond. If you have evidence of this tgey may have to reinstate your lost years.
pilotoscot said:
The pension regulator can take up complaints relating to pension providers. Rather than the FOS which desks with regulated advisors.
You probably don’t need a solicitor unless it is to point you in the right direction. These are free services. Have you complained directly to the people who gave you the erroneous advice?
They have to respond. If you have evidence of this tgey may have to reinstate your lost years.
24/7, You probably don’t need a solicitor unless it is to point you in the right direction. These are free services. Have you complained directly to the people who gave you the erroneous advice?
They have to respond. If you have evidence of this tgey may have to reinstate your lost years.
TPR is the wrong place to go.
If you wish to raise a formal complaint, you should so so through The Pensions Ombudsman service, a totally free service. Note that before you go to TPO you must have raised the complaint formally with the party you think is responsible, in your case NHS BSA, and give them the opportunity to respond. Once they have, complete TPO's online application form and send it off to start the process.
R.
I raised a complaint with NHSBSA that I was wrongly advised I could not rejoin the NHS Pension scheme.They have acknowledged they incorrectly advised me when I contacted them again in 2019 to rejoin, but have said they hold no information that goes back before 2019 to the previous dates,( as far as 1998) so are unable to comment. They state any records would have been held by Equinti (Paymaster), however they would have been responsible for any advice given at that time.
They have offered a small ex gratia payment but have said that the NHS Pension Scheme
Regulations do not allow for compensation payments to be made as the Scheme is an
unfunded occupational scheme backed by the Exchequer
I have been told I can escalate my complaint to Stage 2 of the IDR and speak to the Pensions Ombudsmen Early Resolution Team but I am wondering if I need to get legal advice first, however I do not know who I would approach.
Does anyone know who may advise on such an issue please ?
Thank you
They have offered a small ex gratia payment but have said that the NHS Pension Scheme
Regulations do not allow for compensation payments to be made as the Scheme is an
unfunded occupational scheme backed by the Exchequer
I have been told I can escalate my complaint to Stage 2 of the IDR and speak to the Pensions Ombudsmen Early Resolution Team but I am wondering if I need to get legal advice first, however I do not know who I would approach.
Does anyone know who may advise on such an issue please ?
Thank you
Twentyfour7 said:
I raised a complaint with NHSBSA that I was wrongly advised I could not rejoin the NHS Pension scheme.They have acknowledged they incorrectly advised me when I contacted them again in 2019 to rejoin, but have said they hold no information that goes back before 2019 to the previous dates,( as far as 1998) so are unable to comment. They state any records would have been held by Equinti (Paymaster), however they would have been responsible for any advice given at that time.
They have offered a small ex gratia payment but have said that the NHS Pension Scheme
Regulations do not allow for compensation payments to be made as the Scheme is an
unfunded occupational scheme backed by the Exchequer
I have been told I can escalate my complaint to Stage 2 of the IDR and speak to the Pensions Ombudsmen Early Resolution Team but I am wondering if I need to get legal advice first, however I do not know who I would approach.
Does anyone know who may advise on such an issue please ?
Thank you
Thanks 24/7 for the update. It looks like you have gone about raising your complaint the right way.They have offered a small ex gratia payment but have said that the NHS Pension Scheme
Regulations do not allow for compensation payments to be made as the Scheme is an
unfunded occupational scheme backed by the Exchequer
I have been told I can escalate my complaint to Stage 2 of the IDR and speak to the Pensions Ombudsmen Early Resolution Team but I am wondering if I need to get legal advice first, however I do not know who I would approach.
Does anyone know who may advise on such an issue please ?
Thank you
To answer your question, it is up to you to decide whether or not to get legal advice, but I would say to you not to do so. That advice could be costly, the Pensions Ombudsman's service is free and very professional, well regarded, and also the Pensions Ombudsman has the legal power to make what is called a Determination at the end of investigations, that will set out what action needs to be taken to resolve the complaint, and by what party. I'd even go as far to say that in my experience in dealing with hundreds of pension complaints, the involvement of a lawyer can sometimes make things too complicated and cause substantial delays (I wonder why!)
As regards compensation, how much has been offered? You say "small" but that is open to a person's interpretation. Note that the Pensions Ombudsman has his own sliding scale for amounts he will award for what is called "Redress for non financial injustice"; you can get a copy from the Pensions Ombudsman's website. BTW, the Pensions Ombudsman's office has plenty of experience dealing with complaints relating to the NHS Pension Scheme and also NHS BSA, and there has been many cases where awards for "Redress" have been made. NHS BSA are right in what they say, but ex gratia payments are not the same as what the Pensions Ombudsman can award for Redress.
I note that you have gone through stage 1 of the IDRP and are considering using stage 2. You can do so, and you can also contact the office of the Pensions Ombudsman now, bringing their attention to your complaint, and asking them to seek resolution etc with the relevant parties, acting on your behalf. You can do this now (which I'd recommend) or after completion of the IDRP if you are not content with the outcome. The Pensions Ombudsman's Early Resolution Team is the right way to go. You can start the process by accessing the site
https://www,the pensions-ombudsman.org.uk
and downloading the form and taking things forward. Note however, due to a cyber attack early June, the office IT is in recovery/rebuilding mode so it may take a while for them to respond to your enquiry.
R.
OP,
in terms of whether its worth transferring your NEST pot into 2015. I have now done just this - I had 3.5 years of NEST pot and this has been moved into the 2015 scheme. From what I can see, I have been allocated a pot in the 2015 which would be in line with the contributions over 3.5 years that I made - I paid a lower percentage than I would have done for the same period in 2015 scheme.
.
in terms of whether its worth transferring your NEST pot into 2015. I have now done just this - I had 3.5 years of NEST pot and this has been moved into the 2015 scheme. From what I can see, I have been allocated a pot in the 2015 which would be in line with the contributions over 3.5 years that I made - I paid a lower percentage than I would have done for the same period in 2015 scheme.
.
Edited by sawman on Monday 9th October 19:11
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