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    • Curadh
    • By Curadh 13th Jun 17, 1:06 PM
    • 2Posts
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    Curadh
    Confused about pension, advice please
    • #1
    • 13th Jun 17, 1:06 PM
    Confused about pension, advice please 13th Jun 17 at 1:06 PM
    Hi everyone,


    I am a little confuddled about the pension - I have worked in the NHS 2 years and opted out of the pension after a year only for the law to change and be auto-enrolled again.
    I opted out because I really needed the extra cash per month.


    So I've been back in less than a year. I am again needing this money and am due to leave the country in a couple of months, just to confuse matters! I will probably be back but maybe not.


    My confusion is - having paid into this pension pot even for a short time - does this mean that when I reach retirement age I will be able to collect a weekly sum? How much would that likely be? I don't earn very much in the NHS even though fulltime.
    If I opt-out does it mean I will not be able to collect this - although maybe still be eligible for a state pension?


    I find it all a bit confusing so if someone could explain to me as if I am a 5 year old that would really help!!!


    Thank you for reading!!
Page 1
    • Silvertabby
    • By Silvertabby 13th Jun 17, 1:25 PM
    • 1,800 Posts
    • 2,220 Thanks
    Silvertabby
    • #2
    • 13th Jun 17, 1:25 PM
    • #2
    • 13th Jun 17, 1:25 PM
    Did you take a refund of your NHS pension contributions when you opted out the first time?

    If so, and you go on to leave with less than 2 years pensionable service in the NHS, then you won't be entitled to an NHS pension when you retire.

    The State pension is another matter - to accrue ANY State pension benefits, you will need at least 10 full financial years of National Insurance contributions.
    • LHW99
    • By LHW99 13th Jun 17, 1:48 PM
    • 963 Posts
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    LHW99
    • #3
    • 13th Jun 17, 1:48 PM
    • #3
    • 13th Jun 17, 1:48 PM
    As Silvertabby says, currently the requirement is a minimum of 10 years contributions to get any SP.
    However, I believe you have 6 years after any missed year in which to decide whether to pay voluntary contributions. Its wouldn't be worth buying pre-2016 years (uless you are close to SPA) so you probably have time to address that after you have worked abroad for a few years and decided if you will be staying, or if likely to come back and start paying NI here again.
    • Curadh
    • By Curadh 13th Jun 17, 8:05 PM
    • 2 Posts
    • 0 Thanks
    Curadh
    • #4
    • 13th Jun 17, 8:05 PM
    • #4
    • 13th Jun 17, 8:05 PM
    Wow thank you for the replies

    It makes total sense for me to opt out. I'll be leaving the post before building up two years worth so may as well get as much as I can back. I'll ask for the contribution pot to be emptied back into my wages as well as ongoing monthly payments.
    So for future reference I can't get a state pension if I don't work consistently in the one country for over 10 years - - - ?

    Do people who are self-employed efectively gamble that they will have no pension so they try to make as much money as they can before retirement age ?
    • dunstonh
    • By dunstonh 13th Jun 17, 8:14 PM
    • 89,585 Posts
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    dunstonh
    • #5
    • 13th Jun 17, 8:14 PM
    • #5
    • 13th Jun 17, 8:14 PM
    Do people who are self-employed efectively gamble that they will have no pension so they try to make as much money as they can before retirement age ?
    They take out their own pension.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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