If you are thinking about leaving the NHS Pension Scheme watch our video and read the Leaving Early and Transferring Out Guide to help you understand what you would be giving up.
If, after watching the video, you still want to leave the Scheme you have several options.
Use the Opt out calculator to understand the impact on your take home pay. It will also give you some information outlining the benefits you would lose if you decide to opt out.
Read the Opting out factsheet for more information.
How to apply
To opt out of the NHS Pension Scheme you must complete the Application to leave the NHS Pension Scheme (SD502) form.
The form must be fully completed by you and your NHS employer.
A request to opt out will only be accepted via this form.
If you are not able to print off a copy of the form, your employer should be able to provide access to facilities which will allow you to do this.
You may be eligible for a refund of your NHS Pension Scheme contributions.
Read the refund of pension contributions factsheet to find out if you are eligible.
How to apply
Read and complete the Application for a refund of pension contributions (RF12).
Members who decide to opt out or leave the NHS Pension Scheme may be able to transfer their pension benefits to another pension provider.
How to apply
If you want to transfer out of the NHS Pension Scheme read and complete the Transfer out guide and application pack.
If you are an active member or have left in the last 12 months, your employer(s) will need to complete the Cash Equivalent Transfer Value (FA11a) form for you to return with your UK Transfer Request Form
There may be a charge for this. Please check the Request for chargeable Cash Equivalent Transfer Value (CETV) to see if a charge applies.
If you want to consider a transfer to an overseas pension scheme please complete the application form in the Overseas transfer out guide and application pack.
Pension scams: A lifetime’s savings lost in a moment
The Pensions Regulator has warned that pension scams are on the increase in the UK. Some NHS Pension Scheme members may have already been targeted. ‘One off pension investments’, ‘pension loans’ or upfront cash are being used to entice savers. For most people the offers will be bogus and members who are taken in will probably lose most, if not all, of their savings. They may also be subject to tax charges of over half their transfer value for taking an ‘unauthorised payment’.
The Pensions Regulator has published new guidance for members, pension scheme administrators, pension providers and independent financial advisers (IFAs) to raise awareness of Pension Scams.
The Pension Scams awareness booklet for members is available on The Pensions Regulator website.