Those who leave public sector jobs after short careers are not entitled to pension benefits – and many are missing out on more £5,000 by not transferring money to a new scheme 🔴 Exclusive from CallumCMason
to the NHS Business Services Authority – which administers the NHS pension scheme, the Cabinet Office – which operates Civil Service Pensions – and the Department for Education – which manages the Teachers Pension Scheme , but only the Cabinet Office was able to provide accurate figures on how many ex-staff had not requested a refund or transfer.
The DfE said it did not record the number of ex-teachers who did not respond to their options and the NHSBSA claimed that whilst it would be theoretically possible to work it out by manually checking pensions records, this would take more than 580,000 hours to do, equivalent to around 66 years – ironically almost exactly the state pension age.
“Where schemes know that a member has not claimed either a transfer or a refund, they should do much more to track people down. All pension schemes know that people change address, and there are services available that would help the scheme identify a more up-to-date address for these members, so they should not be simply waiting for the member to become aware”.
A government spokesperson said: “Public sector staff who have worked for their organisation for less than two years will always be proactively offered a refund of their accumulated pension contributions during their term of employment.”Public-sector pensions generally work differently to most defined contribution schemes seen in the private sector.
If you leave defined contribution pension, the pension pot you paid into will still exist and will continue to accumulate throughout your working life as your investments grow – even if you aren’t aware of it happening. With public sector pensions, you won’t be entitled to the benefits if you don’t hit a qualifying period – here’s how it works for each of the three major schemes.
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