Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Harry81
    • By Harry81 12th Oct 17, 7:25 PM
    • 9Posts
    • 1Thanks
    Harry81
    Nhs pension 2015
    • #1
    • 12th Oct 17, 7:25 PM
    Nhs pension 2015 12th Oct 17 at 7:25 PM
    Hi, whilst i have my pension plan sorted my wife has only just started a few years ago. Shes 36 and has been in the nhs pension scheme for 2 years. Ive asked her to get some details about the scheme to see what we can do to increase it or make it more beneficial in years to come. She only earns around 10k a year and pays about £50 per month. Any idea what this will be worth in 30 years? Is it worth paying in extra? We have a young family so in 5 - 10 years she might go full time which would boost it but dont wont this to be too late to make it a half decent pension. Any tips or advice would be great.

    Thanks

    Mark
Page 1
    • TARDIS
    • By TARDIS 12th Oct 17, 8:15 PM
    • 51 Posts
    • 33 Thanks
    TARDIS
    • #2
    • 12th Oct 17, 8:15 PM
    • #2
    • 12th Oct 17, 8:15 PM
    She can get a total rewards statement from https://www.totalrewardstatements.nhs.uk.

    This will say how much annual pension she has already accrued. You can request an estimation of her pension but at 32 years before retirement it'll probably be so inaccurate to be meaningless. It's impossible to accurately predict how much she'll get at SPA as it'll depend on future earnings and inflation, and the government potentially changing the scheme yet again...

    There are number of ways to increase her pension. Which is best will depend on when she's likely to want to retire, how much extra you want to pay etc: https://www.nhsbsa.nhs.uk/member-hub/increasing-your-pension
    • justme111
    • By justme111 12th Oct 17, 8:17 PM
    • 2,878 Posts
    • 2,764 Thanks
    justme111
    • #3
    • 12th Oct 17, 8:17 PM
    • #3
    • 12th Oct 17, 8:17 PM
    go on the nhsbsa website and read about pensions, it would be information directly from the scheme. Then do the math and see whether sny additional pension ways seem advantageous to you. I have looked at it ( not in much detail) and concluded that I was not interested in what was on offer re additional pension. your circumstances mat be different.
    • crv1963
    • By crv1963 13th Oct 17, 7:38 AM
    • 158 Posts
    • 417 Thanks
    crv1963
    • #4
    • 13th Oct 17, 7:38 AM
    • #4
    • 13th Oct 17, 7:38 AM
    Your wife would need to decide if she is going to stay in the NHS and 32 years is probably too far away to predict but I would say any money saved towards retirement in the scheme is money well saved even if she later leaves and preserves her pension until retirement age. An increase in contribution would lead to a larger pension if she retires at NRA or mitigate the reduction in pension if she takes it at an earlier age.


    Increasing hours to full time in a few years will increase pension to as it is now a career average scheme. Don't forget the employer puts in money as well. It might be worth her ringing her Trust Pension Officer and asking to be re-sent the scheme booklet again so you can have info to hand to help form a view as well as her on-line pension statement.
    Last edited by crv1963; 13-10-2017 at 7:43 AM.
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • louloubelle79
    • By louloubelle79 13th Oct 17, 7:46 AM
    • 257 Posts
    • 127 Thanks
    louloubelle79
    • #5
    • 13th Oct 17, 7:46 AM
    • #5
    • 13th Oct 17, 7:46 AM
    I have also been in the NHS pension two years, work 19 hrs pw (13k annum) so have started making additional payments that come out monthly. Maybe look into this ?
    Hoping to be mortgage free by 2026 age 47
    Current rate 2.79% fixed for 10 years
    Current mortgage end date: 03/10/2043
    MFW Starting Mortgage Jan 17 - £114,703
    2017 OPs £6000
    Jan 2018 balance- £105,923
    • Harry81
    • By Harry81 13th Oct 17, 9:34 AM
    • 9 Posts
    • 1 Thanks
    Harry81
    • #6
    • 13th Oct 17, 9:34 AM
    • #6
    • 13th Oct 17, 9:34 AM
    Thanks for the replys. I'll have a look on the links later and make a plan.
    • louloubelle79
    • By louloubelle79 18th Oct 17, 12:52 PM
    • 257 Posts
    • 127 Thanks
    louloubelle79
    • #7
    • 18th Oct 17, 12:52 PM
    • #7
    • 18th Oct 17, 12:52 PM
    She can also pay Additionally into https://www.pru.co.uk/rz/nhs/
    Hoping to be mortgage free by 2026 age 47
    Current rate 2.79% fixed for 10 years
    Current mortgage end date: 03/10/2043
    MFW Starting Mortgage Jan 17 - £114,703
    2017 OPs £6000
    Jan 2018 balance- £105,923
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

229Posts Today

1,267Users online

Martin's Twitter
  • I realised I forgot in my links earlier. 1. Help to Buy ISAs, how they work and best buys...? https://t.co/BSCNPeqiVF

  • RT @whatdawndid: Thanks to uncle @MartinSLewis I just received £200 back, just like that from the student loan company! Turns out that the?

  • RT @LaraLewington: Shocked and saddened by Cheggers news. Working with him on It?s A Knockout was my 1st job in telly when I was just 19. H?

  • Follow Martin