NHS pension???

ipri

Hi....is this scheme a "final salary" type?.....does this also apply for Dentists & Doctors? thanks ian

Ian_W

Yes and yes. Though doctors and dentists who are practitioners rather than directly employed by a health trust are treated differently in respect of calculating their "final salary" as they aren't paid a salary as such.

Browse THIS SITE for more details or read the relevant sections of THIS GUIDE

willsonline

Yes I thik they pay 1/60th of your final pay which is VERY good. Similsr to a Local Govt Pension. Probably one of the best around!

ipri

I was considering dropping a couple of days till I retire next year....so does this mean I will be losing out due to less pay? thanks ian

PS..In the "This guide" link..it says that practitioners have a lifetime earnings basis..??...so it looks like I can reduce hours without significant loss?

MrChips

Do you mean you are intending to go part time?

This won't impact your past service as a "full time equivalent salary" will be used for your pension calculation. E.g. if you do 50% hours for £10,000, a salary of £20,000 will be used.

ipri

Yes...I would like to drop to ? 2 days/week for my final few months of work...does'nt this full time eq sal lead to abuse?...e.g.....some folk would go P/T years early and still get fuul time pension? ian

Fire_Fox

As I understand it your contributions buy full years of a full-time salary or part years of a full-time equivalent salary. So 20 years full-time gives you 20/60 of your final (full-time) salary; 10 years full-time plus 10 years half-time gives you 15/60 of your final (full-time) salary.

MrChips

Fire fox is right. Full time equivalent salary is used in the calculation. But if you have any part time service, that won't count as a full year.

For example, 1 year at 40% hours and 2 years at 75% hours would equate to 1.9 years of service.

jenniferfluff29

If you joined the scheme before 1/4/08 and you are not converting to the new pension scheme, would be as follows. Assuming you are not a doctor (don't know what special benefits they get but wouldn't think it will be any less favourable) then you would get 1/80, ie if you have 40 yrs service, you get a pension of half pay.

If you reduce your working hours during the last year, this won't affect your pension too much. Your pension is worked out on the best year over the last 3 years. Therefore if you reduced hrs this coming year, it would be last year's salary that is used for pension purposes. You would only really be missing out on this years salary.

ipri

I'm confused...I write every year to Fleetwood for a pension benefits estimate...they supply me with an estimate of accrued benefits...this does'nt seem to fit in with a "best of last 3 years" assesment.

It has been increasing year on year ? in line with an ever increasing "pot".My wage has'nt gone up dramatically....otherwise my best of 3 years would always be about the same?...sorry if I'm a bit slow!!ian

central

Ian I suspect you are a GP. If you are I am a bit surprised that you are within a few years of retirement and haven't got to grips with your pension.
If you go to the following web page

http://www.nhsbsa.nhs.uk/2566.aspx

and download and take the time to read the folowing document, I think you will understand a lot better.

http://www.nhsbsa.nhs.uk/Documents/Pensions/SD_GUIDE_COMPLETE.pdf

A Practitioner or GP pension is nothing to do with 40ths or years worked or best of the last 3 years, it is based on career earnings.