Item Welcome to the NHS Business Services Authority Knowledge Base, the place to ask us anything you need to know

Document What is meant by 'retention of pension rights' after a transfer out?

When a transfer out of the NHS Pension Scheme takes place, some pension schemes will not accept the part of the transfer value that relates to Contracted Out rights. This means that the Guaranteed Minimum Pension (GMP), Section 9 (2b) rights (post '97 membership) or both will remain in the NHS Pension Scheme.

If we retain these rights then they will be payable by the us as a pension. You should apply for these at either your Normal Pension Age (NPA) or your State Pension Age, if only GMP rights have remained in the scheme.

For calculation purposes, if only the GMP is retained then all that will be payable in the future is the re-valued GMP. If we retain Section 9 (2B) Rights, then all membership post 5th April 1997 membership is retained and benefits will be calculated in the normal way.
Fields
Description:
gmp retention, pension remaining, transfer out, 
See also...

Need more help?

If this doesn't answer your question please contact us directly or search again. Search Again

Does this answer your question?