Option of transfering deferred benefits - NHS pension

[Twentyfour7]

Hi All

I have a NHS pension decision to make ...

I have just over £1000 in the 1995 Section (NHS Pension scheme.) I have the option of transferring the cash equivalent of £3500 to the 2015 Scheme year ending 31/3/24 and receiving 191 days qualifying membership. It's hard to determine if this is worth doing, and if I would lose out on anything by transferring or not.

I understand professional advice is required but I would be interested to hear anyone's thoughts on this subject, who may have experience in this field or who have been in similar position re making a decision over deferred benefits.

I have raised a complaint about being misinformed about not being able to return to the 1995 Scheme and I am waiting to hear the outcome of this. I do not know if the outcome could influence a decision over whether to transfer deferred benefits.I now have rejoined the NHS pension scheme and currently contribute to the 2015 Scheme.

Thank you for your thoughts

24/7

[PistonHead007]

1995 has a 50% spouse's benefit, age 60 normal retirement age and is final salary instead of career average. 2015 is 33.75% and tied to state pension age.

It's not hard to imagine why they switched to the replacement scheme, it's cheaper and not as good. You'd have to do some modelling to see if they're adding enough extra annual pension in 2015 to compensate for the poorer benefit. Inclination says to keep it in 1995.

[Twentyfour7]

My hunch is you are correct if the 2015 scheme is not as good. Thank you

[RUSTILLDOWN]

Literally every pension change since the 80s is a negative for the employee. Stick with the old one.

[Terzo123]

Depending on your circumstances, the McCloud remedy could potentially get you an additional 7 years in the 95 scheme.