NHS pension transfer question.
Aug 21st 2015, 4:21 pm
#1
Muskoka, Ontario
Thread Starter
Joined: Aug 2013
Posts: 3,045
NHS pension transfer question.
So I think we probably dropped the ball on the pension front and I've read endless boringly dry newspaper/pension websites and still feel no nearer to knowing the answer. I suspect it's deliberately confusing as all the previous changes have been!
I imagine (although not certain) we should have transferred our NHS pension out to QROPS and I was wondering if there is any provision in the new terms and conditions that allow for NHS pension holders who have already left the country? Some sort of grandfathering clause that allows us to still move it?
What are the ramifications of leaving the NHS pension or any other pension contributions to the future? I feel like we're almost writing these pensions off as I'm unsure that they will be of any value in the future. Given that we are both members of the scheme it feels a little worrying to have "start again" on the pension front.
*Stinkypup- I can almost hear what you're going to say ... echoing our accountant but I do want to know about our old pensions too
*
I imagine (although not certain) we should have transferred our NHS pension out to QROPS and I was wondering if there is any provision in the new terms and conditions that allow for NHS pension holders who have already left the country? Some sort of grandfathering clause that allows us to still move it?
What are the ramifications of leaving the NHS pension or any other pension contributions to the future? I feel like we're almost writing these pensions off as I'm unsure that they will be of any value in the future. Given that we are both members of the scheme it feels a little worrying to have "start again" on the pension front.
*Stinkypup- I can almost hear what you're going to say ... echoing our accountant but I do want to know about our old pensions too
*
Aug 21st 2015, 4:28 pm
#2
Muskoka, Ontario
Thread Starter
Joined: Aug 2013
Posts: 3,045
Re: NHS pension transfer question.
Hmm I don't even know how I have managed to post this twice!!! Can a mod delete one please??
Thank you Christmasoompa
Thank you Christmasoompa
Aug 21st 2015, 8:51 pm
#3
BE Enthusiast
Joined: Feb 2008
Location: British Columbia, Canada
Posts: 428
Re: NHS pension transfer question.
So I think we probably dropped the ball on the pension front and I've read endless boringly dry newspaper/pension websites and still feel no nearer to knowing the answer. I suspect it's deliberately confusing as all the previous changes have been!
I imagine (although not certain) we should have transferred our NHS pension out to QROPS and I was wondering if there is any provision in the new terms and conditions that allow for NHS pension holders who have already left the country? Some sort of grandfathering clause that allows us to still move it?
What are the ramifications of leaving the NHS pension or any other pension contributions to the future? I feel like we're almost writing these pensions off as I'm unsure that they will be of any value in the future. Given that we are both members of the scheme it feels a little worrying to have "start again" on the pension front.
*Stinkypup- I can almost hear what you're going to say ... echoing our accountant but I do want to know about our old pensions too *
I imagine (although not certain) we should have transferred our NHS pension out to QROPS and I was wondering if there is any provision in the new terms and conditions that allow for NHS pension holders who have already left the country? Some sort of grandfathering clause that allows us to still move it?
What are the ramifications of leaving the NHS pension or any other pension contributions to the future? I feel like we're almost writing these pensions off as I'm unsure that they will be of any value in the future. Given that we are both members of the scheme it feels a little worrying to have "start again" on the pension front.
*Stinkypup- I can almost hear what you're going to say ... echoing our accountant but I do want to know about our old pensions too
*Unfortunately the UK changed pension rules as from April of this year and you can now no longer transfer out of the NHS pension scheme.
Even though you reside in Canada you will have to keep your pension deferred in the NHS until normal retirement, at which time you will then receive your pension income in GBP.
If you still reside in Canada at that time ( which sounds like your intention ) you will then have to convert that income monthly into $ CAD if you wish to receive your income on a monthly basis.....................obviously not ideal.
Secondly as a deferred member of the NHS scheme, the Conservative government reduced the rate that this pension will grow until retirement when they got into power. Up until 1 April 2011 increases were linked to changes in the Retail Prices Index (RPI) from September to September with the increase being applied on the first Monday in April (which falls on or after 6 April) of the following year.
From 1 April 2011 the increases have been linked to changes in the Consumer Prices Index (CPI) from September to September with the increase being applied on the first Monday in April (which falls on or after 6 April) of the following year.
Historically CPI is generally around 0.5% - 1% lower than RPI so therefore this has reduced the growth on your pension and increased the savings for the government.
As discussed earlier other ramifications are receiving your pension income for the rest of your life in a different currency and the fluctuations on your income that this could produce into your retirement.
There are no provisions in the new terms and conditions that allow for NHS pension holders who have already left the country to transfer the pension out and there is no grandfathering clause that will still allow you to move it?
Aug 21st 2015, 9:01 pm
#4
Muskoka, Ontario
Thread Starter
Joined: Aug 2013
Posts: 3,045
Re: NHS pension transfer question.
Hi Tirytory,
Unfortunately the UK changed pension rules as from April of this year and you can now no longer transfer out of the NHS pension scheme.
Even though you reside in Canada you will have to keep your pension deferred in the NHS until normal retirement, at which time you will then receive your pension income in GBP.
If you still reside in Canada at that time ( which sounds like your intention ) you will then have to convert that income monthly into $ CAD if you wish to receive your income on a monthly basis.....................obviously not ideal.
Secondly as a deferred member of the NHS scheme, the Conservative government reduced the rate that this pension will grow until retirement when they got into power. Up until 1 April 2011 increases were linked to changes in the Retail Prices Index (RPI) from September to September with the increase being applied on the first Monday in April (which falls on or after 6 April) of the following year.
From 1 April 2011 the increases have been linked to changes in the Consumer Prices Index (CPI) from September to September with the increase being applied on the first Monday in April (which falls on or after 6 April) of the following year.
Historically CPI is generally around 0.5% - 1% lower than RPI so therefore this has reduced the growth on your pension and increased the savings for the government.
As discussed earlier other ramifications are receiving your pension income for the rest of your life in a different currency and the fluctuations on your income that this could produce into your retirement.
There are no provisions in the new terms and conditions that allow for NHS pension holders who have already left the country to transfer the pension out and there is no grandfathering clause that will still allow you to move it?
Unfortunately the UK changed pension rules as from April of this year and you can now no longer transfer out of the NHS pension scheme.
Even though you reside in Canada you will have to keep your pension deferred in the NHS until normal retirement, at which time you will then receive your pension income in GBP.
If you still reside in Canada at that time ( which sounds like your intention ) you will then have to convert that income monthly into $ CAD if you wish to receive your income on a monthly basis.....................obviously not ideal.
Secondly as a deferred member of the NHS scheme, the Conservative government reduced the rate that this pension will grow until retirement when they got into power. Up until 1 April 2011 increases were linked to changes in the Retail Prices Index (RPI) from September to September with the increase being applied on the first Monday in April (which falls on or after 6 April) of the following year.
From 1 April 2011 the increases have been linked to changes in the Consumer Prices Index (CPI) from September to September with the increase being applied on the first Monday in April (which falls on or after 6 April) of the following year.
Historically CPI is generally around 0.5% - 1% lower than RPI so therefore this has reduced the growth on your pension and increased the savings for the government.
As discussed earlier other ramifications are receiving your pension income for the rest of your life in a different currency and the fluctuations on your income that this could produce into your retirement.
There are no provisions in the new terms and conditions that allow for NHS pension holders who have already left the country to transfer the pension out and there is no grandfathering clause that will still allow you to move it?
Boo! As I feared... I think we're going to get projections but assume that they are pretty worthless or that we were starting afresh on the pension front. Ho hum..
Aug 22nd 2015, 12:10 am
#5
I need a walk
Joined: Mar 2014
Location: Okanagan
Posts: 4,899
Re: NHS pension transfer question.
Snoopdawg is actually the financial guru of the kennel but even she couldn't have summarised it better than MJW007 though she might deny this!
Aug 22nd 2015, 1:43 am
#7
I need a walk
Joined: Mar 2014
Location: Okanagan
Posts: 4,899
Re: NHS pension transfer question.
Yep, Snoop is quite an organised little puppy although stock markets are a tad stormy St the moment (understatement of.... er August)
Aug 30th 2015, 6:18 am
#8
Forum Regular
Joined: Dec 2007
Location: St Albert, Alberta
Posts: 193
Re: NHS pension transfer question.
My wife and i both have NHS and private uk pension's, early August when in the UK on a visit we spoke to the NHS pensions and was told you could not transfer a NHS pension out of the UK but you can transfer to a private UK pension.
Looking at the UK Government pension website it says you can still transfer a UK pension to Canada as long as the new Canadian scheme is approved by the UK Governments pensions dept,
The following links tell you about transferring a Pension out of the country.
https://www.gov.uk/transferring-your...pension-scheme
And this link tells you the approved schemes in each country as of 17th August 2015.
https://www.gov.uk/government/public...-schemes-qrops
Hope this helps
Looking at the UK Government pension website it says you can still transfer a UK pension to Canada as long as the new Canadian scheme is approved by the UK Governments pensions dept,
The following links tell you about transferring a Pension out of the country.
https://www.gov.uk/transferring-your...pension-scheme
And this link tells you the approved schemes in each country as of 17th August 2015.
https://www.gov.uk/government/public...-schemes-qrops
Hope this helps
Last edited by Nikki Ian; Aug 30th 2015 at 6:25 am.
Sep 3rd 2015, 5:33 am
#9
Forum Regular
Joined: Feb 2013
Location: Arrived in the Okanagan - June 2013
Posts: 245
Re: NHS pension transfer question.
My wife and i both have NHS and private uk pension's, early August when in the UK on a visit we spoke to the NHS pensions and was told you could not transfer a NHS pension out of the UK but you can transfer to a private UK pension.
Looking at the UK Government pension website it says you can still transfer a UK pension to Canada as long as the new Canadian scheme is approved by the UK Governments pensions dept,
The following links tell you about transferring a Pension out of the country.
https://www.gov.uk/transferring-your...pension-scheme
And this link tells you the approved schemes in each country as of 17th August 2015.
https://www.gov.uk/government/public...-schemes-qrops
Hope this helps
Looking at the UK Government pension website it says you can still transfer a UK pension to Canada as long as the new Canadian scheme is approved by the UK Governments pensions dept,
The following links tell you about transferring a Pension out of the country.
https://www.gov.uk/transferring-your...pension-scheme
And this link tells you the approved schemes in each country as of 17th August 2015.
https://www.gov.uk/government/public...-schemes-qrops
Hope this helps
