NHS Pension, "opt out"

ninebank

I am upset to find that because I was apparently 'opted out' while in the NHS pension that I am now as much as £64 a week less well off on my pension forecast that my work colleague who was never in an opt out scheme, I realize I am still a little better off than he is with my NHS pension as well but nothing like the total I hoped to get when I was paying up to 15% into the scheme, have I missed something or am I only due the £123 that I have been told I am entitled to a week in my old age pension.

Andy_L

If you wish to be in the NHS scheme you have to opt out of S2P. No opt out: no NHS pension

dunstonh

Can you clarify what you mean.

OPT OUT means not joining the occupational pension. i.e. you chose not to join the NHS pension.

Do you mean CONTRACTED OUT which refers to be contracted out of the state second pension (or SERPS as it used to be).

realize I am still a little better off than he is with my NHS pension

On the basis that you appear to mean contracted out, you are more than a little better off. You are massively better off.

have I missed something

Yes. You are making assumptions without comparing figures. How about the lower NI you pay than your work colleague? How about the fact that your work colleague is a complete doughnut for not being in one of the best pensions you can get?

ninebank

Thanks for your reply, I have been an Ambulance driver since 77 and although I new the pension scheme was good (although the pay poor then) and while very grateful I had not realized we had been contracted out or the ramifications of it, so I had based being able to retire soon on a rather higher figure than I am going to get.
Still I am a lot better off than many and still fit so will not complain. Thanks again

jem16

ninebank wrote: »

am I only due the £123 that I have been told I am entitled to a week in my old age pension.

Basic state pension at the moment is £102.15.

ninebank wrote: »

I had based being able to retire soon on a rather higher figure than I am going to get.

What kind of figure were you expecting?

CLAPTON

ninebank wrote: »

Thanks for your reply, I have been an Ambulance driver since 77 and although I new the pension scheme was good (although the pay poor then) and while very grateful I had not realized we had been contracted out or the ramifications of it, so I had based being able to retire soon on a rather higher figure than I am going to get.
Still I am a lot better off than many and still fit so will not complain. Thanks again

I'm quite amazed and impressed that you knew what the second state pension was worth for some-one who wasn't in an opted out scheme; I doubt I know a single acquaintance that would know that.