Transfer of NHS Pension

[ali]

I received an email yesterday regarding NHS Pensions - now it says that changes are likely from 2015 - might be something that some members have to consider. The source of the email was nursing careers and allied health (in au) I've copied and pasted the gist of it.

 

On Wednesday 19th March the Chancellor of the Exchequer - George Osborne unveiled the most radical reformation of the UK pension regime, dwarfing the A-day changes announced in 2006.

Changes, likely to be effective in April 2015, will ban transfers from all public sector final salary schemes, impacting medical professionals such as nurses, doctors, dentists and specialists.

The ban will prevent transfers to Australia from the NHS Pension Scheme, leaving members with less than 12 months to take action.

Transferring may or may not benefit for you, but you only have a limited window of opportunity to get the facts and make a decision. From April 2015 you will no longer have the option of transferring your pension to Australia - so don't wait until it's too late.

[Gbye grey sky]

What was the source of this email? I suspect that you received a sales pitch aimed at encouraging people to switch. Something like this sounds credible and may be coming but the word "likely" hints that at the moment it is speculation.

 

Nursing careers and allied health (as mentioned in the OP)

Edited April 16, 2014 by ali

[sideshowdeb]

Thanks, I'll look into it x

[Andrew from Vista Financial]

Yes this is scaremongering at its finest!!!

 

Can you reveal the source?

 

As far as I am aware there is no proposal to cease transfers to Australia.

 

Please see this thread: http://www.pomsinoz.com/forum/money-finance/207860-massive-shake-up-uk-pensions.html

[ali]

Yes this is scaremongering at its finest!!!

 

Can you reveal the source?

 

As far as I am aware there is no proposal to cease transfers to Australia.

 

Please see this thread: http://www.pomsinoz.com/forum/money-finance/207860-massive-shake-up-uk-pensions.html

 

I gave the source in the OP - I don't have a problem because I transferred my pension but I'm glad you've been able to share your knowledge and say it's not accurate - it will be a relief to some.

[Andrew from Vista Financial]

Hi Ali

 

Thanks, yes you did, sorry I was meaning which company associated with Allied Health gave the information as due to the content it clearly came from a company that dealt with pension transfers and also it seemed familiar to me, check my comments on post 9 dated 28 March: http://www.pomsinoz.com/forum/money-finance/207860-massive-shake-up-uk-pensions.html

 

Anyway I went onto the Allied Health website and you can see from the magazine that it is the same company http://www.ncah.com.au/ncahmagazine/ with the same headline.

 

This company is well known for their scaremongering tactics and have been doing it for years!!

 

This information is not factually correct as there is no specific proposal to ban transfers to Australia, it may happen as the proposals announced are to stop transfers of public service defined benefit schemes i.e police and nhs to defined contribution schemes ie market linked schemes.

 

However the proposals then go on to say it will be allowed under very limited circumstances, they do not specifically say their will be a ban on transfers to Oz.

 

Therefore what if the very limited circumstances provision is to apply to people who have left the UK and moved overseas? So to say the proposals ban a transfer to Oz in not factually correct.

 

We will know the facts when the UK Government consultation has ended but until then this type of marketing in my opinion is underhand as it could mislead people into transferring pensions under false pretence.

 

Kind regards

 

Andy