NHS Pension how much is it worth now

nad1611
nad1611 Posts: 710 Forumite
in Pensions, annuities & retirement planning
Hi. I had to give up my midwifery post in 1997 having given about 16 years of service. I have not been able to return to work and was not able to take ill health retirment at the time as it was impossible to say if I'd be able to return at all to my job or any job.
At the time I was told that if I had taken a pension it would have been £400 monthly and a lump sum of £16000. I am going to be able to retire in 2020 and am wondering how I can find out or work out how much this will be worth then. Any help gratefully received.

Comments

  • Emmamumof2
    Emmamumof2 Posts: 1,179 Forumite
    see this link

    http://www.nhsbsa.nhs.uk/Pensions/2672.aspx

    You are a deferred member as you had more than 2 years service so you need to complete the form:

    http://www.nhsbsa.nhs.uk/Pensions/Documents/Pensions/AW8P_(V2)_-_06.2009.pdf

    this should be completed 3-6 months before you wish to retire

    here is the FAQ section for deferred members

    http://www.nhsbsa.nhs.uk/1083.aspx

    You can ask for a projection of benefits also to ascertain expected income when you retire!
  • nad1611
    nad1611 Posts: 710 Forumite
    Thanks for that actually answered a couple of other questions too. Like it looks like you can't commute if you left the NHS before 2008? Still would like some way of estimating what those amounts would be worth if I was 60 now?
  • Andy_L
    Andy_L Posts: 12,782 Forumite
    Name Dropper First Post First Anniversary
    They will increase each year between 1997 and age 60 by inflation.

    Up until the budget the figure was octobers RPI, as of now that may have changed to CPI (generally a lower %age) or it may still be RPI - the budget statement was vague as to how the change from RPI to CPI would affect deferred members like yourself
  • nad1611
    nad1611 Posts: 710 Forumite
    Andy_L wrote: »
    They will increase each year between 1997 and age 60 by inflation.

    Up until the budget the figure was octobers RPI, as of now that may have changed to CPI (generally a lower %age) or it may still be RPI - the budget statement was vague as to how the change from RPI to CPI would affect deferred members like yourself


    Thanks Andy. Can this be worked out by using a calculator which works out what something in say 1997 would be worth now?
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