I want to switch within NAPS
You can switch between the NAPS Final Salary and BAMPS sections at any time before Normal retirement age. Currently, there are no limits and you can switch on the first day of any month (or the first Monday of any month if you are paid weekly). We recommend you seek independent financial advice when considering this option.
I want to switch plans
If you are in Plan 65 and wish to pay higher contributions to switch to Plan 60 or Option 55 you will have an annual opportunity to do this from 1 July of each year.
Once you have joined Plan 60 you cannot switch back to Plan 65.
If you are in Plan 60 you can switch to Option 55. You will have an annual opportunity to start or stop paying the higher contributions towards Option 55 from 1 July of each year.
From Final Salary to BAMPS
You have two choices.
- You can keep aside a deferred pension from the Final Salary scheme for past service and start a new pension from BAMPS.
- You can transfer some of the value of your Final Salary pension to BAMPS. The minimum Contracted-out Contracted-out benefit must stay in Final Salary Scheme. The cash value of the rest can be transferred to your BAMPS individual retirement account.
From BAMPS to Final Salary
You have two choices.
- You can keep aside the value of your BAMPS individual retirement account. This will grow with investment income. For future service, start a pension from the Final Salary scheme.
- You can transfer the value of your BAMPS individual retirement account. The cash value will be converted to Pensionable service and transferred to the Final Salary scheme.
To make any change, give us one calendar month's written notice.