Today we look at some of the options available to doctors who are thinking of leaving the NHS Pension Scheme before their Normal Pension Age. And what happens if you decide to rejoin?
As long as you have at least 2 years membership in the NHS Pension Scheme the following two options are available to you:
1. You can leave your accrued benefits in the Scheme and these benefits then become deferred and can be finally taken at your Normal Pension Age.
2. You are able to transfer the value of your accrued NHS Pension Scheme benefits if you are currently under your Normal Pension Age. However the transfer must be to another occupational pension scheme that provides defined benefits.
Please note that if you have more than two years' membership in the NHS Pension Scheme you are not allowed a refund of your contributions.
If you rejoin the Scheme within 5 years of leaving, you will automatically have your new period of contributions linked to your previous period and any previous contributions made to the first period will be revalued.
What happens if you decide to rejoin the NHS Pension Scheme?
As long as you rejoin the Scheme within 5 years of you leaving, your previous period of contributions will link with the new period. Any pension rights you accrued in the original period of contributions will be revalued in line with inflation (currently CPI + 1.5% during the period of your break in membership.
If you rejoin the Scheme but it is longer than 5 years since you left, then the previous period will not link and the benefits from the earlier period will be calculated separately.