Fillable Application to leave the NHS Pension Scheme (SD502) (UK National Health Service)

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Application to leave the NHS Pension Scheme (SD502) (UK National Health Service)

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1
Application to leave the NHS Pension Scheme (SD502)
Opting out - important information
The benefits payable from the NHS Pension Scheme are valuable and anyone considering opting out of the
Scheme should think very carefully before making such an important decision. Before you decide, please
look at the member information on our website at: www.nhsbsa.nhs.uk/nhs-pensions, especially the relevant
Member Guide, factsheets, and the Leaving Early and Transferring Out Guide.
Some general points to help you decide
• As a Scheme member you pay a contribution based on your pensionable pay. Your NHS employer also
contributes 14.3% of your salary towards your pension.
• Contributions are deducted before tax so you receive tax relief on any amount you pay.
• There is a calculator on the NHS Pensions website which you can use to see some of the impacts of opting out.
• Unless you are absent from duty for any reason you may apply to join or rejoin the Scheme at any time
subject to Scheme rules.
• If you wish to opt out from the start of your NHS employment you must complete form SD502 within the
first month.
Benefits you will be giving up if you opt out of the NHS Pension Scheme
• Your right to any further benefits from the Scheme in this employment.
• A pension payable for life fully guaranteed by the Government.
• If you are a member of the 1995 Section you will also get a retirement lump sum. This is usually tax free.
• If you opted out before 1 April 2008 and do not rejoin this Scheme you will not have the option of giving
up some of your pension for a bigger lump sum. This option would normally allow you to receive £12 of
lump sum for every £1 of pension you give up. Lump sums are usually tax free.
• Enhanced ill health retirement benefits if you become too ill to work.
• Life assurance cover (a lump sum payment) and family benefits if you die – pension benefits for your
dependants, including children.
Think Carefully!
Deciding to opt out of your employer’s occupational pension scheme is a major financial decision. If you are
in any doubt about which pension arrangement will be best for you, you may wish to seek independent
financial advice. Before you ask for advice, make sure you know which type of financial adviser you are dealing
with. Most financial advisers will charge for their advice. The Member Guide available on the NHS Pensions
website may be able to help you find local independent financial advice, please refer to the help and general
information section of the guide.
SD502 - (V19) 05/2018
2
Pension scams: A lifetime’s savings lost in a moment
The Pension scams awareness booklet for members is available on the Pensions Regulator website at:
http://www.thepensionsregulator.gov.uk/individuals/dangers-of-pension-scams.aspx
Completing the form
If, after reading all the relevant information, you decide that you want to opt out of the NHS Pension Scheme
you must ensure both Part 1 and Part 2 are completed. Part 2 must be sent to and completed by your Payroll
Department. If both parts are not completed the form will be returned. It is important that this form reaches
them as soon as possible to enable them to update your details and cease the deduction of contributions. Your
employer will complete Part 2 and send the details to us. If you work for more than one NHS employer you will
need to complete a separate form for each employer. This form cannot be signed until after you have joined the
NHS Pension Scheme.
Data Protection Act 1998. NHS Pensions will use any information you provide in connection with the NHS
Pension Scheme to administer and operate the scheme and pay benefits under it. This may include passing
details to third parties that are involved in the administration and operation of the scheme. The Department of
Health (DH) may also use your data for administrative purposes in line with its data protection notification. In
order to fulfil its duty to protect public money, DH may use information it holds to prevent and detect fraud.
It may also share information with other organisations that handle public funds. If there is any difference
between the legislation governing the NHS Pension Scheme and the information in this leaflet, the
legislation will apply.
3
Application to leave the NHS Pension Scheme (SD502) - Part 1
If you want to opt out of pension saving, fill in Part 1 of this form, keep a copy and send both parts to
the Payroll Department at your employer - they will complete Part 2 and submit the details to us.
Notes - Part 1 and Part must both be completed or the form will be returned
• When the Payroll Department at your employer gets this form they will stop taking pension contributions from
the first day of the next pay period.
• This is NOT an application form for a refund of contributions – you will need to complete claim form RF12.
• Please read the Leaving Early and Transferring Out guide and the Member Guide on the NHS Pensions website
at: www.nhsbsa.nhs.uk/nhs-pensions.
Title (e.g. Mr, Mrs, Miss, Dr)
Surname
Former surname (If applicable)
Other names
Date of birth
National Insurance number
Job
Employers name
Is this the first time you have chosen to leave or not join the NHS Pension Scheme? Yes No
Reason for leaving the Scheme:
Annual Allowance/Lifetime Allowance In receipt of a fixed or enhanced protection certificate
Contributing to another pension scheme Affordability
Temporary opt out due to other financial priorities Secured retirement income via other means (e.g. property,
investments)
/ /
Address
Email address
Gender
Male Female
Payroll number
Is this your first job in the NHS?
Yes No
Post code
Declaration - By signing below, I declare:
• I wish to opt out of pension saving.
• I understand that if I opt out I will lose the right to pension contributions from my employer.
• I understand that if I opt out I may have a lower income when I retire.
• I understand that I cannot opt out retrospectively.
• I have read the information that comes with this form and the Scheme Guide to the NHS Pension Scheme.
• I understand that I am giving up my rights to any further benefits from the Scheme in this employment.
• I understand that unless I am absent from duty for any reason I may apply to join or rejoin the Scheme at any time
subject to the scheme rules.
• I understand that either my employer or NHS Pensions will retain this form for their records.
Signed Date
SD502 - (V18) 05/2017
Please type in the elds below then print off and sign, or print and complete in CAPITAL LETTERS using BLACK INK
/ /
4
2.1 When was the member enrolled? (Please confirm date):
2.2 Did you receive the SD502 form within the opt out period for a local refund to be paid? (See
General Guide for completion of Form SD502 available on the NHS Pensions website).
Yes – Please refund any contributions locally for this period of membership.
No – NHS Pensions will pay a refund of contribution, if eligible, on receipt of form RF12.
2.3 Please complete the employment details:
EA/GP code The membership number if you know it
Job capacity code
Whole time Part time
Pay band Last day of Scheme membership
Signed Date
EA Stamp
If you use ESR process the details on ESR and retain the SD502 form.
If you do not use ESR send this form to:
NHS Pensions, PO Box 2269, Bolton, BL6 9JS
Part 2
To be completed by the Employing Authority. Please write in CAPITAL LETTERS using BLACK INK
/ /
SD
/
/ /
/ /
What you need to know
• Your employer cannot ask or force you to opt out.
• If you are asked or forced to opt out you can tell the Pensions Regulator – see www.thepensionsregulator.gov.uk.
• If you change your mind you may be able to opt back in – write to your employer if you want to do this.
• If you stay opted out your employer will normally put you back into pension saving in around 3 years.
• If you change job your new employer will normally put you back into pension saving straight away.
• If you have another job your other employer might also put you into pension saving, now or in the
future. This notice only opts you out of pension saving with the employer you name above. A separate
notice must be filled out and given to any other employer you work for if you wish to opt out of that
pension saving as well.
How we use your information
The NHS Business Services Authority – NHS Pensions will use the information provided for administering
your NHS Pension Scheme membership and processing payment of your NHS pension benefits. We may
share your information to administer and pay your NHS pension, enable us to prevent and detect fraud and
mistakes, for debt collection purposes, or as required by law. For more information about who we share
your information with and how long we keep your personal data and your rights, please visit our website at
www.nhsbsa.nhs.uk/yourinformation
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Application to leave the NHS Pension Scheme (SD502) (UK National Health Service)

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Completed 9 February 2021

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