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Transferring Benefits
What if I have been a member of another pension scheme?
Can I transfer my benefits out of the NHS Superannuation Scheme?
How is a transfer payment worked out?
What if I have been a member of another pension scheme?
You may be able to transfer the value of your benefits to buy extra service in the NHS scheme if you have previously been a member of another pension scheme (including a Personal Pension plan or annuity contract) but not a retirement annuity provided under section 620 (formerly section 226) of the Income and Corporation Taxes Act 1988.
If you wish to transfer a previous pension to the NHS you should apply in writing to: Scottish Public Pensions Agency 7 Tweedside Park Please include the following information:
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'Applications to transfer benefits into the scheme must be made WITHIN 12 MONTHS of joining the scheme and before age 60 for members of the 1995 section and age 65 for members of the 2008 section.' |
Note: Transfer of Benefits from NHS scheme elsewhere in the UK is not automatic. You must apply as above.
Can I transfer my benefits out of the NHS Superannuation Scheme?
If you leave the NHS scheme, you may be able to transfer your benefits out of the scheme to:
- another occupational pension scheme;
- a personal pension scheme;
- an insurance company to buy an annuity contract; or
- a self-employed pension arrangement.
- A combination of these
How is a transfer payment worked out?
A transfer payment is worked out by converting the value of the accrued pension rights to a current cash equivalent using factors supplied by the Government Actuary’s Department in relation to the member’s age at the date of calculation. The transfer calculation takes account of fluctuations in the Stock Market.
Further details of transfers to and from other public sector schemes and general leaflet on the subject can be found at www.civilservice-pensions.gov.uk then by selecting:
- Civil Service Pensions (from choices along top of screen)
- Public Sector Transfer Club (under 'Joining and Leaving' on left hand side)
- A guide for members of Club schemes
You may wish to seek financial advice before deciding on whether to transfer your benefits. SPPA cannot offer advice however the following organisations provide information which may be of help :-
LighthouseGP Ltd is an Appointed Representative of Falcon Group plc, which is authorised and regulated by the Financial Services Authority and that the company is recommended by Forth Valley Health Board.
SPPA do not offer financial advice nor do they recommend a preferred source for receiving advice. On the recommendation of Forth Valley Health Board a link to LighthouseGP Ltd is provided however by providing this link SPPA do not imply that they are endorsing the services or products of LighthouseGP Ltd. Links made to other sites are used at your own risk and SPPA accept no liability for any linked sites.
The Financial Services Authority at www.fsa.gov.uk or contact The Financial Services Authority, 25 North Colonade, Canary Wharf
The Pensions Regulator at www.thepensionsregulator.gov.uk or contact The Pensions Regulator, Napier House, Trafalgar Place, Brighton, BN1 4DW
The Pensions Advisory Service at www.pensionsadvisoryservice.org.uk or contact The Pensions Advisory Service, 11 Belgrave Road, London, SW1V 1RB
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