NHS pension, moving job

atush

No, it isn't an exageration.

I suggest you look at an annuity calc and figure out what it would cost to buy an index linked pension with spousal pension. And then cost it, deducting any employers contribs. Easily 5-6X.

JoeCrystal

atush wrote: »

All of which would cost you 5-6X as much outside the NHS pension.

Indeed, in fact, I seems to recall one poster suggesting that it could be twenty times as much once you include the rest like Death in service benefit and so on. I will try find that post.

Cheers

Joe

Spirit_2

rmax wrote: »

Just wondering if I can remain in the NHS pension scheme if I work as a bank nurse at the local NHS hospital and if so, what is the minimum number of hours a bank nurse needs to work to qualify. (assuming I could top up the payments from my main non NHS job).

You will only accrue for the hours you work however there is no minimum number of hours for the pension scheme. There may be minimum number of hours/shifts that you need to work to stay on the bank though.

There is a calculator on the nhsbsa website to show the cost of buying extra pension, which is the method of topping up. You will have to cover the cost of the employers contribution too, and i dont think the top up provides spousal pension.

poorgirl-54

im 25 and 3 quarters and have been paying into nhs pension for 5 yrs and cannot be bothered anymore and wud rather the extra money in my wage slip, and considering they will probably increase the retirement age

Andy_L

JoeCrystal wrote: »

Indeed, in fact, I seems to recall one poster suggesting that it could be twenty times as much once you include the rest like Death in service benefit and so on. I will try find that post.

Cheers

Joe

I suspect that refers to the old Civil Service Schemes which had far lower contribution rates (1.5 or 3.5% vs 5-8.5%)

atush

poorgirl-54 wrote: »

im 25 and 3 quarters and have been paying into nhs pension for 5 yrs and cannot be bothered anymore and wud rather the extra money in my wage slip, and considering they will probably increase the retirement age

I can't think of a worse dcision for you to make for your future- well maybe taking up smoking 20 a day? Really, Really Really bad decision on your part.:eek:

Nothing you can do with yoru contribs is going to ehlp you retire earlier than inay increase- in fact you will most likely have to work longer than all other NHS staff as you won't be having that same pension. Nor the same death benefits and free life insurance for your family.

Silly girl.

xylophone

poorgirl-54 wrote: »

im 25 and 3 quarters and have been paying into nhs pension for 5 yrs and cannot be bothered anymore and wud rather the extra money in my wage slip, and considering they will probably increase the retirement age

Aargh!:eek:

When you reach pension age, you could be very, very sorry!
And what about ill health retirement benefits, death in service benefits......

Be very, very careful!

jem16

poorgirl-54 wrote: »

im 25 and 3 quarters and have been paying into nhs pension for 5 yrs and cannot be bothered anymore

Well you will certainly live up to your username if you go ahead with that decision.

and wud rather the extra money in my wage slip,

It will not be as much as you think it will be as you will have more tax and NI to pay.

and considering they will probably increase the retirement age

What will you be planning to retire on?