Pension Flexibility - What Does It Mean For The NHS Pension Scheme? Will doctors be able to simply transfer their NHS Pension Scheme benefits as a lump sum to a new plan and then simply take out the entire pot?
As you may have read, from April 2015 there will be complete pension flexibility - no longer a need to buy an annuity. The question being asked is - will doctors be able to take advantage of this?
Firstly - a transfer out of the NHS Pension would be a highly, highly unusual thing to do. The numbers normally just do not stack up. However it is possible - currently.
The Government has announced further clarification to the rules and it states that there will be an outright ban on transfers from Unfunded Public Sector Pensions (i.e the NHS Pension Scheme).
So if you want to transfer your NHS Pension Scheme - take advice now!
If you have other 'pension pots' like personal pensions, SIPPs - the new rules will effect you - please get in touch now for a pension review.