Leaving the Business

royalmailslave · Post by **royalmailslave** » 10 Dec 2016, 09:49

So just 4 months short of 20 years service i have taken an opportunity to leave the company for what im hoping will be a better opportunity for me with more ladders to climb...

I have a question about my pension...is it transferrable?...im going to the NHS and im wondering if i can take it with me and carry on paying into it with it being public sector...

Can anyone advise me...cheers

Post by **RobertT** » 10 Dec 2016, 10:13

It is possible to transfer your RM pension, but whether it’s a good idea or not will require a lot of hard thought and possibly the services of an IFA who should be well versed in the pros and cons. The idea is that you will get an equal amount of benefits in your new scheme as your old one, which sometimes doesn’t happen.
There’s some info on the RM pensions website here: http://www.royalmailpensionplan.co.uk/s ... erring-out" onclick="window.open(this.href);return false;

You also have the option of just preserving your RM pension which will slowly increase with inflation, until it’s time to take it. You would then obviously start your NHS pension from scratch.

royalmailslave · Post by **royalmailslave** » 10 Dec 2016, 10:44

Thanks Robert ..much appreciated.

DB1100 · Post by **DB1100** » 10 Dec 2016, 14:52

I find your advice very helpful RobertT,you are an asset to the forum,thanks for taking the time to answer our questions.

Post by **TrueBlueTerrier** » 10 Dec 2016, 15:12

DB1100 wrote:I find your advice very helpful RobertT,you are an asset to the forum,thanks for taking the time to answer our questions.

Indeed I'll echo that.

Tman · Post by **Tman** » 10 Dec 2016, 18:39

Yep, take proper advice as it's something which will affect you in future.
For what it's worth, my mrs was thinking of transferring her NHS pension to her current employer, and it would have cost too much to be worthwhile, so it stayed with the NHS. Those benefits are too hard-earned to be lightly squandered in admin fees.

Dorset Plodder · Post by **Dorset Plodder** » 10 Dec 2016, 21:20

DB1100 wrote:I find your advice very helpful RobertT,you are an asset to the forum,thanks for taking the time to answer our questions.

Totally Agree

I was just thinking RobertT would be the ideal man to answer this as soon as I saw the post!

Creditshampoo · Post by **Creditshampoo** » 10 Dec 2016, 21:30

Well done for getting out.
Out of interest what job have you got

Post by **aiden01** » 10 Dec 2016, 21:36

Creditshampoo wrote:Well done for getting out.
Out of interest what job have you got

He is going to work in nhs

Creditshampoo · Post by **Creditshampoo** » 10 Dec 2016, 22:00

aiden01 wrote:
Creditshampoo wrote:Well done for getting out.
Out of interest what job have you got
He is going to work in nhs

Yea I got that bit

Post by **RobertT** » 11 Dec 2016, 09:36

royalmailslave wrote:Thanks Robert ..much appreciated.

DB1100 wrote:I find your advice very helpful RobertT,you are an asset to the forum,thanks for taking the time to answer our questions.

TrueBlueTerrier wrote:Indeed I'll echo that.

Dorset Plodder wrote:Totally Agree I was just thinking RobertT would be the ideal man to answer this as soon as I saw the post!

Cheers guys.

Gasman11 · Post by **Gasman11** » 14 Dec 2016, 22:08

Once you've joined the NHS Pension Scheme ask your new provider to supply you with a transfer quotation. They'll contact Royal Mail Pension Scheme to obtain the transferrable value of your Royal Mail benefits and will determine what it will "buy" you in the NHS Pension Scheme. You should get a comprehensive quote off NHS showing you what service credit, annual pension etc you'd be entitled to if you go ahead with the transfer. As a new entrant into the NHS Scheme you're likely to have a later retirement date compared to your Royal Mail pension so pay close attention to the details. There's usually a 12 month time limit from joining a new scheme to transfer in benefits from an earlier occupational scheme so make sure you apply in time too.