Nhs pension v private

natsnannie

Thanks to all who have replied - but I think I'm now more confused - is there a simple answer? It is so much more complicated now due to the new 2008 scheme - which I have changed to! Hope I've done the right thing!!!!I'm sure time will tell. PS I've still got many years before retirement would it be advisable to pay extra? Why aren't these important things made easy to understand?!

jh2009

The younger you are, the better the time to pay into a pension. Generally pension provision is cheaper when you're younger. You have to balance this with affordability. Whether you are happy to spend a bit extra now to save for retirement.

Remember that state pension age increases to 68 (and possibly 70) for all those who are born after April 1978 so for any decent sort of retirement you'll need to have made some sort of personal provision.

Sadly years of laws/regulations have made pensions appear a complex area...... But one of the reason people find them confusing in my view is that it involves taking a decision of which you wont see the benefits for 20, 30, 40 years..... so its easy to think it won't happen, put off the decision, and think of something more fun like going to the pub, holiday, etc...... or blame not saving on various expenses like buying a house, having kids, etc.......until one day you are 55 and have made no provision and the cost of provision for a decent pension suddenly becomes very expensive (a problem i thinks going to hit a lot of people currently in their 20s, 30s who will then blame the pensions industry!).

In reality it just needs you to sit down and read up on your scheme. I think best thing to do is to ask your scheme administrator or your line manager for a scheme handbook. Sit down and read it and also balance it with your own financial position and plans over the short/medium and long term.

natsnannie

Very good advice jh2009 thanks. Thanks for the warning jem16 - I definitely wasnt going to jennythomsons anyway - very sus! Its good to know there are good people out there looking out for us newbies.

Andy_L

natsnannie wrote: »

Thanks to all who have replied - but I think I'm now more confused - is there a simple answer?

Yes, stay in the NHS pension scheme :-)

zygurat789

Andy_L wrote: »

Yes, stay in the NHS pension scheme :-)

The only way you'll do any better is to be elected as an MP they have a superb scheme. Go GO Go now.

dunstonh

Or become a judge. One day in the job and a full pension is granted.

Andy_L

The armed forces, police & fire brigade schemes are also better

zygurat789

Have you seen the MPs scheme details?

Andy_L

better than the OP's NHS scheme, not the MPs

natsnannie

Thanks all. I might try some of your suggestions in the future but meantime I will stick whereI am for now tee hee - better the devil you know sometimes!PS told my friend what's been said - he didnt say much, though did try to defend himself and couldnt work it out how NHS can be better - I really couldnt either but we have left it at that and will remain friends and I will remain with NHS!