babybronco Posted February 17, 2016 Share Posted February 17, 2016 Hi All I decided last Feb to bring my NHS pension out here (ahead of the rule change in April meaning that this would no longer be allowed). I used a Financial Planner, who made the application on my behalf. I have a QROPs ready and waiting to receive the pension, but one year on and it is apparently still being processed! I'm sure NHS Pensions had a large number of applications and are dealing with the backlog, but even so, one year! Did anyone else apply to bring their NHS Pensions over, and if so, are you still waiting or has it been processed already? Many thanks. Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted February 18, 2016 Share Posted February 18, 2016 Hello babybronco Are you aware of the "other" rule change? http://www.pomsinoz.com/forum/money-finance/235043-important-uk-pension-transfers-post-6-april-15-a.html I'm afraid that the NHS postponed all transfers to Australia around early May following effectively Australian Super Funds losing QROPS status. Has your Financial Adviser not explained the position to you as this has been known since last May/June? There was a small window of opportunity for members like you who had requested a transfer pre April 15 to move to another QROPS in another destination or if over age 55 to set up a SMSF in Australia and transfer however for this to occur all paperwork had to be received before February 16. Regards Andy Quote Link to comment Share on other sites More sharing options...
kyliedonut Posted February 18, 2016 Share Posted February 18, 2016 Following. I asked finance dept in my NHS Trust about this in September when I joined them, they handed me a booklet and said...yeah it's easy, just transfer it to Aus in a similar pension fund. I have since learned of all the changes occuring that make this a lot harder. I was considering stopping my NHS pension contributions - as I have been paying into it for less than 2 years, I also believe I can apply for a refund (minus tax/NI). Quote Link to comment Share on other sites More sharing options...
winter1 Posted February 18, 2016 Share Posted February 18, 2016 Following. I was considering stopping my NHS pension contributions - as I have been paying into it for less than 2 years, I also believe I can apply for a refund (minus tax/NI). Do you also lose the 14% employers contribution? Just another thing to take account of. I left my local government pension in the UK and it now pays out every month index linked for life with a widows pension as well. These schemes are sometimes best left where they are depending on your circumstances. However the new legislation or interpretation at least has put a block on it for now. Quote Link to comment Share on other sites More sharing options...
kyliedonut Posted February 18, 2016 Share Posted February 18, 2016 Yes if I was to opt out of the NHS pension scheme, then i would lose employer's contribution. I have an appointment to see the finance dept at my hospital again soon, hopefully they are a bit more up to date with their info this time. Otherwise I will opt out. I plan to keep my NI contributions when I do eventually leave the UK, to still get my state pension when the time comes. Quote Link to comment Share on other sites More sharing options...
babybronco Posted February 19, 2016 Author Share Posted February 19, 2016 Thanks everyone for the comments. Andrew, that's so disappointing to hear, I last had contact from the financial planner in July, we discussed the law change but he didn't think it would affect my transfer, he said the transfers were on hold until August but would likely recommence. I've heard nothing since, and just assumed NHS Pensions were catching up with the backlog. He certainly hasn't been in touch talking about this Feb 16th deadline. I've emailed him today anyway, to see what he has to say for himself. But it looks like my pension will remain in the UK until I can claim it in 30+ years time, where it will be pitiful and no use to me whatsoever 10,000 miles away! It's times like these I wish I had more interest in finances and stayed on top of the game a bit more :mad: Quote Link to comment Share on other sites More sharing options...
Ken Posted February 19, 2016 Share Posted February 19, 2016 Yes if I was to opt out of the NHS pension scheme, then i would lose employer's contribution. I have an appointment to see the finance dept at my hospital again soon, hopefully they are a bit more up to date with their info this time. Otherwise I will opt out. I plan to keep my NI contributions when I do eventually leave the UK, to still get my state pension when the time comes. I don't know all the details of your scheme - in particular how much you have to contribute in order to get the employer to contribute - but don't wave goodbye to a big chunk of your salary just because it will be tied up in the UK until you retire. It's the electronic age and will only get more so. Money in the UK is just as much use as money in Australia wherever you are in the world plus life expectancy is still increasing with governments getting stingier so you will regret throwing away money now when you retire. Quote Link to comment Share on other sites More sharing options...
winter1 Posted February 19, 2016 Share Posted February 19, 2016 . But it looks like my pension will remain in the UK until I can claim it in 30+ years time, where it will be pitiful and no use to me whatsoever. It will increase annually in line with your previous grade until you retire, as did my Local Government scheme and will be index linked for life it may not be as pitiful as you think. You may get taxed on the tax free lump sum but only on the increase in this value from when you entered Australia. I assume as my pension the 14% is added from day 1. Add this to the fees that transfer companies charge and the 15% contributions tax on transfers over 6 months after entry( unless this is going to be waived due to the circumstances of the delay.) As Ken says it doesn't matter where in the World your money is, it is easily accessible. Quote Link to comment Share on other sites More sharing options...
mgreaves Posted February 19, 2016 Share Posted February 19, 2016 Yes if I was to opt out of the NHS pension scheme, then i would lose employer's contribution. I have an appointment to see the finance dept at my hospital again soon, hopefully they are a bit more up to date with their info this time. Otherwise I will opt out. I plan to keep my NI contributions when I do eventually leave the UK, to still get my state pension when the time comes. You say finance department, are you seeing someone specifically who deals with pensions? I worked as an accountant in the NHS for 2 years and gave generic advise to nurses who asked regarding pensions, but I was no expert and this was not my job and I always said so. In my current company (not NHS) we have a whole team who deal with pensions who have nothing to do with normal day to day company finance and thus I would not specifically refer to them as finance! So make sure you are seeing someone who specifically deals with pensions and not just someone who works within generic finance. When I left the NHS I received my pension back (over 2 years service but I didn't pay in for 2 years)...however it was a very good scheme and looking back I should not have done this, even if it was a small amount I lost their contributions and wasted the money on a car which subsequently lost value when I sold that. Quote Link to comment Share on other sites More sharing options...
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