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NHS pension advice
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restless6
Posts: 468 Forumite
I joined NHS pension in 2013 and after several months opted out.
I resigned from the permanent job there is october 2014 and went onto 0 hrs and was automatically opted back in- this is still ongoing
I started a new NHS job in December 2014 and have also been automatically opted into the pension.
This is where i get confused - are both jobs paying into the same pension? Should only one job pay in?
Also, at my age- 38, and having no real pension pot apart form a few years of paying into a county council pension in my 20's, do you think i am best to opt out again or keep the payments going.
There are changes to the pension scheme too, whereby my old job paid into the old scheme but not sure if my new job pays into that or a new scheme.
I resigned from the permanent job there is october 2014 and went onto 0 hrs and was automatically opted back in- this is still ongoing
I started a new NHS job in December 2014 and have also been automatically opted into the pension.
This is where i get confused - are both jobs paying into the same pension? Should only one job pay in?
Also, at my age- 38, and having no real pension pot apart form a few years of paying into a county council pension in my 20's, do you think i am best to opt out again or keep the payments going.
There are changes to the pension scheme too, whereby my old job paid into the old scheme but not sure if my new job pays into that or a new scheme.
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Comments
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I joined NHS pension in 2013 and after several months opted out.
Why would you opt out of one of the best pension schemes around?This is where i get confused - are both jobs paying into the same pension? Should only one job pay in?
If both jobs are with the NHS then both would pay in if you are a member.Also, at my age- 38, and having no real pension pot apart form a few years of paying into a county council pension in my 20's, do you think i am best to opt out again or keep the payments going.
How else do you plan to fund your retirement?
You would be very foolish not to stay in the NHS scheme.There are changes to the pension scheme too, whereby my old job paid into the old scheme but not sure if my new job pays into that or a new scheme.
The new Career Average scheme doesn't start till April so you will be currently a member of the 2008 scheme as would your old job have been.0 -
Yeah I don't understand why you would opt out of the NHS scheme...
Employer pays in 14% of your wage.....0 -
I don't know how long i will be an NHS employee, that is why I considered leaving the pension scheme.
I feel I have left it too late to start as I should have begun a pension in my 20's , and i did, but then left that job and the pension with it.
It is only just something I am starting to consider again, so don't know what the best plan is.0 -
I don't know how long i will be an NHS employee, that is why I considered leaving the pension scheme.
Free money from your employer is always good, no matter for how long. If you leave the NHS you defer the pension and it will be there for you at retiral date. If you haven't been in long enough to defer it (unlikely), then you transfer it to another pension.I feel I have left it too late to start as I should have begun a pension in my 20's , and i did, but then left that job and the pension with it.
It's later than ideal, yes but not too late at all. If you do nothing you will be left to manage on a state pension of around £7kpa. Could you manage on that?It is only just something I am starting to consider again, so don't know what the best plan is.
The best plan is to stay in the NHS scheme. Even with the changes from April it is still one of the best pension schemes around. Nothing else would come close and it would be about the worst financial decision you could make not to be in it.0 -
ok, so the consensus seems to be I would be a fool to leave!!
BUt, would it possible to opt out of payments on the 0 hours job, as I don't earn much with this one, but keep the payments for the contracted new job?0 -
BUt, would it possible to opt out of payments on the 0 hours job, as I don't earn much with this one, but keep the payments for the contracted new job?
Again what would be the point?
By using both jobs you are building additional service which your employer is contributing to and which is giving you a higher pension.
if you're serious about building a decent pension then contribute from both.0 -
I'm on a zero hours contract job with the NHS and i'm lucky if i pay in £20 a month ... but that £20 is 5% of my wage and the NHS pay in 13.5% so I am delighted, my previous employers paid £8 a month and i paid £8 a month, when i compare £16 to nearly £80 a month i am delighted, would ofcourse be happier if it were more... but I have a personal pension as well so my pension is slowly building up
Dont leave the zero hours contract one, it's only 5% you pay ... and every bit will help you when you retire0 -
I am also confused and considering pulling out of the NHS pension. Ijoined the NHS in June last year and the New scheme seem to massively reduce your pension if you leave before the age of 67 years, by 5 % per year. My wife also works for the NHS and has been paying in for 10 years, if she works to 67 years I will be 72 and we fear that we won't get enough retirement time together. Is there a better way to spend what we are paying into the pension scheme that will be better for our future?0
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I am also confused and considering pulling out of the NHS pension. Ijoined the NHS in June last year and the New scheme seem to massively reduce your pension if you leave before the age of 67 years, by 5 % per year.
Your accrued benefits will be able to be taken at the normal retirement age for the scheme you are currently in - ie 60 or 65. There will be no reduction on this part.
Only the part built up from 2015 would be reduced. I believe you will also get the option of paying a higher contribution to reduce or totally remove the actuarial reduction.Is there a better way to spend what we are paying into the pension scheme that will be better for our future?
Nothing will be better than staying in the scheme as you would be losing the employer contribution and therefore the benefit of being in the scheme. You would have to pay a lot more to get the same benefit.
Your option would really be to take your accrued benefits at the normal retirement date and leave the rest till later. You could either pay the higher accrual option to get it earlier or use a SIPP/PP in addition to your main pension to use to fill the gap.0
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