Pension Transfers In and Out of the NHS Pension Scheme

Warning Please Note!

In any situation where a transfer in or out of the NHS Pension scheme is involved Specialist Independent Financial Planning advice should be obtained before proceeding as once a transfer has taken place the transaction cannot be reversed in most circumstances.

Overseas Transfers

If you have come from overseas to work for the NHS you may have built up pension benefits which ordinarily would have to remain in the UK if you returned home. However since 6th April 2006 you have the right to transfer your benefits away to another approved pension scheme.

In order for you to be able to do this the receiving pension scheme must be registered with Her Majesty's Revenue and Custom's (HMRC) as either a Registered Pension scheme or a Qualifying Recognised Overseas Pension Scheme (QROPS).

The issues surrounding the transfer any pension overseas are complex and expert advice must be sought before proceeding.

Transfers into the NHS Pension Scheme

The NHS Pension Scheme can accept transfers in from another HMRC approved, subject to confirmation from the NHS Pensions Agency. You may also be able to transfer in overseas pension funds (QROPS).

Transfers of pension funds in relationship to a Pensions and Divorce settlement cannot be accepted.

There are time limits and you must apply to transfer in your pension benefits within twelve months of joining the scheme.

When transferring any funds into the NHS Pension Scheme it is vitally important that you understand the benefits that you are giving up in contrast to those you will obtain as a result of the transfer, therefore Specialist Independent Financial Planning Advice must be obtained before proceeding

Overseas Transfers

With effect from the 6th April 2006 it is only possible to transfer NHS Pension rights overseas if the receiving scheme is recognised by Her Majesty's Revenue and Customs (HMRC) as either a registered Pension Scheme or a Qualifying Recognised Overseas Pension Scheme (QROPS).

The issue of making an overseas transfer of your NHS Pension benefits is highly complex and therefore Specialist Independent Financial Advice must be taken.