NHS Pension worth it?

Old_Slaphead

getmore4less wrote: »

It is one benifits that helps many NHS workers tolerate the low pay.

Some examples of the "low pay" please

bendix

getmore4less wrote: »

It is one benifits that helps many NHS workers tolerate the low pay.

Do NHS workers get pressganged into working for the NHS? Are they in forced servitude, forced to sign contracts at gunpoint? Once hired, are they not allowed to leave and sell their skills elsewhere?

If so, we should report the NHS to the proper authorities and have the whole thing closed down. It's a scandal, I tell ya. A right scandal.

Old_Slaphead

mysparrow wrote: »

The NHS pension pot does contribute to the treasury not the other way round. We do pay for it ourselves & give back. This contribution is also set to increase with the proposed reforms.

Perhaps other pensions should match this one rather then the childish behaviour of 'it's not fair so let's destroy it'.

You're deluded if you think that the NHS is covering it's accruing liabilities. What it is doing is, because of the massive increase in workforce over the past decade, the current high volume of employee/employer contributions are covering the cost of a relatively few pensioners - but once the current workforce starts to retires then it will be a completely different story. But that'll be the next generation's problem.

geoffgeofftygeoff

mysparrow wrote: »

The NHS pension pot does contribute to the treasury not the other way round. We do pay for it ourselves & give back. This contribution is also set to increase with the proposed reforms.

Perhaps other pensions should match this one rather then the childish behaviour of 'it's not fair so let's destroy it'.

I didn't realise the tax payer was somehow making a profit from this pension scheme. I'm happy now, I think...er wait a minute...

Andy_L

geoffgeofftygeoff wrote: »

I'd be happy for them to have this scheme providing they are happy to pay for it themselves. I don't want to pay for other people's company pensions,

If you shop at, eg, Tescos you're paying for their company pension

Andy_L

mysparrow wrote: »

The NHS pension pot does contribute to the treasury not the other way round. We do pay for it ourselves & give back. This contribution is also set to increase with the proposed reforms.

However about 3/4 of the NHS pension contributions come from the employer not the employee so its the same (taxpayers) cash it just gets moved around accounts to show which department is responsible for the costs

pmpm

wonderpupp wrote: »

I am 30,
married, child free. (But 2 dogs, few chickens and a pair of ducks - kind of living the good life, but still have to work to pay the rent n bills, you know? )

No pension, few savings, no debt, rent house with my husband, living comfortably.

Been offered a job with the NHS, and thus offered NHS Pension.

Is it worth it, as by the time I get there, retirement age will be 68-70 at the rate we're going, and I doubt with my medical history and family med history I'll make it past 65...

So is it worth it, or just stick the money into an ISA?
If I don't join the pension, I'll have an extra £140 a month in my pocket, which I would put into my ISA. (Or save up for another motorbike..?)

I work for NHS and would say that NHS pension scheme is a no-brainer..It's one of the best Pension scheme. You would contribute between 6% to 8.5% of your salary (depending on your annual salary) and your employer would pay 14% superannuation on top of that. Needless to say that you don't pay income tax on that 6.5% contribution. Now Do you really want to miss that 14% contribution from your employer which will obviously give you peace of mind for your retirement.

I remember we went to a teaching where one of the financial advisor was telling us about NHS pension scheme and said that he would readily give his 1 year salary to go into this scheme but obviously he can't!!!

wonderpupp

OK, so I love the idea you guess I'll be paid £38k. Love it, really do. With £38k per year, my husband can stay home a feed the chickens.

I'll be paid £22k for my full time role. So if someone wants to do the sums on that, it's be appreciated. Not coming from a financial background, and having no parents / elders in my family left to ask about these things, I hoped there would be non-judgemental types here. (Oh, and no, I didn't get any inheritance, only some debt when they passed, so let's clear that up now)

So if I do the contributions, I'll be taking less home each month than my old job, but still enough to get by.

I've never been out of work, always paid my taxes, thanks, never claimed benefits / JSA, etc.

And loads of you sound jealous that I may have actually worked my !!! off to get a role with a single benefit for once, instead of just lining the pockets of some private sector bloke who uses company funds to re-decorate his daughter's flat in sandbanks...

So it's worth not opting out of the pension, right?

mysparrow

Let's see 3rd largest employer in the world & believe it or not we're all paying tax! Quite a lot of contributions there then.

Happy to be 'deluded' waiting on my gold-plated pension...

OP sorry for the inevitable slanging turn that happens with all NHS pension questions! Sign up for the pension now it is definitely worth it (if only to annoy people who don't have one).

paparossco

From the Guardian;

"The NHS scheme has 1.3 million people paying into it, more than 400,000 deferred members and more than 600,000 people receiving an NHS pension. The average annual pension for retired NHS staff is around £7,000. The average for former women workers is around £5,000 with more than 50% receiving a pension of less than £3,500. Male NHS pensioners get an average of about £13,500 while more than half receive a pension of less than £6,500."