Leaving NHS pension for private company

nufc_fan

Hello

I am 24 years old and working in the NHS. I have worked since August 2007 (2.5 years) and paid into the NHS pension schem since day one.

I am changing jobs to a private company and i am aware that the pension scheme will not be as good as the NHS. I believe the scheme is a contributiory pension scheme where both myself and my employer contribute 3%

I will be earning £35000 and my current NHS job earns £32000.

How much am i likely to see taken from my monthly wage for this pension? Does anyone have any suggestions about what i should do with pension or take a private one etc? completly unsure

thanks

jem16

nufc_fan wrote: »

]How much am i likely to see taken from my monthly wage for this pension?

3% - approximately £87.50 although as far as take home pay is concerned you will pay less tax so it's the equivalent of £70.

Does anyone have any suggestions about what i should do with pension or take a private one etc? completly unsure

If you are meaning should you join the new scheme then yes you are getting 3% free money from them paid into the pension.

nufc_fan

Yes, I will join the pension scheme at the new job, is it worth contributing more per month to the scheme? Or am I better off paying the extra into a ISA or savings account?

What is the contribution amount for nhs pensions? I thinking already pay a lot more than £70 per month!

jem16

nufc_fan wrote: »

Yes, I will join the pension scheme at the new job, is it worth contributing more per month to the scheme? Or am I better off paying the extra into a ISA or savings account?

Depends on how good the new scheme is. Paying the extra into a S&S ISA might be better for flexibility though.

What is the contribution amount for nhs pensions? I thinking already pay a lot more than £70 per month!

Around 5% to 8.5%

redpete

nufc_fan wrote: »

Yes, I will join the pension scheme at the new job, is it worth contributing more per month to the scheme? Or am I better off paying the extra into a ISA or savings account?

Does the employer match higher contributions?

Geoggy

in NHS you pay 6% and NHS pays 14%

so yes, you should probably either pay more or save it somewher else.

chesky369

So long as you're paying into the new pension sufficient for your employers to contribute, it might be a good idea to do ISAs, simply because you can never get your funds out of a pension and a time may come when you need some handy loot. Also, not a good idea to put all your eggs in one basket.

DiggerUK

nufc_fan,
Would urge you to stay were you are.
Your new job is going to put about an extra 200 pounds per month in your pocket, but with a massive loss in pension benefits of over 300 pounds per month, plus the loss of a very superior pension scheme.
I think you would be better off staying where you are and waiting for an opening.
Do you have to leave?

Best of fortune.

nufc_fan

Well I am leaving for a few reasons, mainly because i am bored in current post.
My new position is only a four day week contract so i am getting slightly more money but working one day per week less which is a big bonus.