NHS Pension, should i join?

Options
13

Comments

  • atush
    atush Posts: 18,726 Forumite
    Name Dropper First Anniversary First Post
    Options
    mrsb74 wrote: »
    thanks for all of your comments, yes it is the new style pension i will be in, in my book it says the age is 65, i will join it, just wanted to hear some more views as you always see on the news people moaning about the pensions, my mother in law is ex nhs and she said not to do it but i will, thanks


    She must not like you much then :D
  • HB58
    HB58 Posts: 1,787 Forumite
    Options
    Don't forget that your employer will also be making pension contributions on your behalf, so you will get greater benefits than if you paid into a private scheme.
  • seven-day-weekend
    seven-day-weekend Posts: 36,755 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Options
    jem16 wrote: »
    Seems pretty poor then. With my Teachers' pension I receive an annual statement.

    At least it allows you to see if their pension record with regards years of service agrees with yours.

    I also get a statement annually with my deferred Local Government Pension.
    (AKA HRH_MUngo)
    Member #10 of £2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
  • JoeCrystal
    JoeCrystal Posts: 3,013 Forumite
    Name Dropper First Anniversary First Post
    edited 22 January 2012 at 9:38AM
    Options
    HB58 wrote: »
    Don't forget that your employer will also be making pension contributions on your behalf, so you will get greater benefits than if you paid into a private scheme.

    Indeed, the usual cost of final salary pension scheme (40 years and 66% of the final salary) is about 20 to 25% of your salary. But the price to be member of the defined benefit scheme... priceless. :D
  • mrsb74
    mrsb74 Posts: 24 Forumite
    Options
    hiya, i aint to sure why she said dont join it!!!! It was just a quick conversation we had on the phone the other night, my forms are all filled in though and handing them into my new employer tomorrow !!! thanks again everyone!!
  • atush
    atush Posts: 18,726 Forumite
    Name Dropper First Anniversary First Post
    Options
    Well, if that means she didn't join you and your OH will be supporting her in her old age so save even more if you can.

    The NHS pension available to her was gold standard.
  • BobQ
    BobQ Posts: 11,181 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
    Options
    JoeCrystal wrote: »
    Yeah, bearing in mind that it would be one of the worst financial decision you could ever made.

    Cheers

    Joe

    I agree, this is bad advice, especially if she did not suggest you do something else by way of providing for your retirement.

    As the quality of public service pensions decline its certainly true that they are less attractive and other solutions may be better but I do not think that they have reached that stage yet.

    Re Pension Statements I though these were a legal requirement and now automatic. However, it appears these are mandatory for money purchase schemes but for FS and CA schemes there is a regulatory requirement to provide one if asked. See link.
    http://www.pensionsadvisoryservice.org.uk/workplace-pension-schemes/final-salary-schemes/getting-information

    So if you want one ask for it and site the reference.
    Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.
  • paparossco
    paparossco Posts: 293 Forumite
    Name Dropper First Post First Anniversary Photogenic
    Options
    Koicarp wrote: »
    I have 18 years in the NHS scheme and never had a statement, neither has my wife with similar service. I think there is one sent out once we get into our early 50's as a friend with equal service to me got one recently. We can request one at any time.

    Members of SSPA (the Scottish version) got an annual statement up until the 'Choices' exercise started. SSPA are developing an online system so you can view your own statement online. I had thought the main NHS system had this available already.
    The highest form of ignorance is when you reject something you don't know anything about.
    Wayne Dyer
  • JoeCrystal
    JoeCrystal Posts: 3,013 Forumite
    Name Dropper First Anniversary First Post
    Options
    Came across this when searching for NHS annual benefit statement

    Old thread on it
  • aHullKingstonRover
    aHullKingstonRover Posts: 92 Forumite
    Options
    Hi,

    The NHS scheme does not just offer a good retirement pension - it automatically provides life-assurance cover & also makes provision for leaving your job early on the grounds of ill-health; people tend to 'forget' about the intrinsic value of these additional benefits, however, they can add-up to an awful lot of money & are benefits only available to pension scheme members - so, should you choose to opt out of the NHS pension scheme, you would be robbing yourself [and your nominated dependents] of entitlements that cover you for ill-health or death in-service.

    When you join the scheme, it is essential to correctly nominate your next of kin - should your family circumstances change in the future, it will also be necessary to update your beneficiary details.

    Those who opt out seem to use the misnomer that being a member 'costs too much' - since tax relief is calculated on your contribution, a 5% deduction is more likely to be 3.5% of your actual pay. Also bear in mind that whilst your personal contribution is, say, 5% of salary, your employing Trust will be adding another 15% to your pension fund.

    Not really sure why your Mum-in-Law would try to advise you against the NHS scheme, unless she has, in some other way, built up a better retirement fund [which I very much doubt]...


This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards