NHS Pension forecast-Can I retire at 50?

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  • jem16
    jem16 Posts: 19,397 Forumite
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    diddlyidi wrote: »
    These have actually come from the pensions team at the Hospital

    The worst rumours always seem to come from the NHS pension department.
  • vinuela13
    vinuela13 Posts: 186 Forumite
    jem16 wrote: »
    Why seek another job? Why not continue to work for the NHS?

    The Trust that I work for is looking to get rid of staff at the moment. Morale is very low and bullying and threats are becoming more commonplace
  • JoeCrystal
    JoeCrystal Posts: 3,011 Forumite
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    edited 17 September 2011 at 5:10PM
    diddlyidi wrote: »
    So for working another 5yrs and risking my lump sum being taxable I don't really appear to gain very much

    An increase of 25% in income. index-linked and the 'cost' of pension to you is small in comparison [Basically an level income of £1,080 could require a fund of £25,116. Index-linked income cost more. In other word, you are paying modest £80 per month rather than £420 per month (Not certain about that last number though)].

    Tax Free Lump Sum as other points out clearly is not going to be taxed. IF government want to do it, they will have to do a consultation for years!

    Cheers

    Joe
  • snowcat53
    snowcat53 Posts: 602 Forumite
    I also know people in our Pensions dept. They know no more than Joe Bloggs in the pub. These soothsayers predicting the end of tax free lump sums will be nowhere to be found when they are proved to be wrong and you want to berate them in 10 years time.
    You have been warned.
  • atush
    atush Posts: 18,726 Forumite
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    diddlyidi wrote: »
    The Trust that I work for is looking to get rid of staff at the moment. Morale is very low and bullying and threats are becoming more commonplace

    The rumors are false, and if the trust is looking to get rid of people, don't retire and look for a voluntary redundancy offer instead.

    If you do decide to go ahead with this (IMO) bad idea, then find a job before you retire.
  • dunstonh
    dunstonh Posts: 116,318 Forumite
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    These have actually come from the pensions team at the Hospital

    So a complete bunch of unqualified and low knowledge idiots then.

    You only have to look back on this forum to see how the NHS staff seem to have the most consistent misinformation about pensions going. That is also reflected by those of us in the advice industry where the NHS staff seem to be worst informed and the ones most prone to rumours and rubbish from workmates.
    I have concerns that the lump sum will soon become taxable if the government has anything to do with it.

    There has not even been a whiff of a suggestion of it. It is highly unlikely that a Conservative Govt would do it considering the bulk of pension legislation that exists today was theirs to begin with.

    Planning your financial future on a bunch of idiots is not the way to do it.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • atush
    atush Posts: 18,726 Forumite
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    Probably the worst disaster Private pensions have ever undergone, was the raid by Gordon Brown in his early days of chancellor when he taxed the dividends on our (formerly tax free) pensions. Wiped Billions off the value and growth of all pirvate pensions.

    So I am not sure that you should be afraid of the Con/dems on this matter really.

    I too am shocked at the ignorance (to be fair to information given) of the public sector NHS workers on here. Their Unions and HR are really not earning their gold plated salaries and pensions in the way that they are letting down and misinforming or not informing their members.
  • moonrakerz
    moonrakerz Posts: 8,650 Forumite
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    atush wrote: »
    I too am shocked at the ignorance (to be fair to information given) of the public sector NHS workers on here. Their Unions ........... are really not earning their gold plated salaries and pensions in the way that they are letting down and misinforming or not informing their members.

    What do you expect from public sector unions ?

    The greater the state of fear and ignorance that they keep their members in, the better for them.
    The unions leaders are just as much money grabbing hypocrites as the bankers and politicians are.
  • StephenM_2
    StephenM_2 Posts: 373 Forumite
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    diddlyidi wrote: »
    These have actually come from the pensions team at the Hospital

    Sorry to go off at a tangent, but why does a hospital need a pensions team. Its a national pension scheme, presumably with a centralised department running it. I don't think there's anything localised about the NHS pension scheme, so what does a local pensions team actually do.
  • atush
    atush Posts: 18,726 Forumite
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    Apart from draw a salary and great pension?

    Sounds like an ideal area to be slashed, as they aren't doing their jobs obviously.
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