Wife's pension cover

MarcoM

Hi,

My wife is in her late thirties and has only paid into a pension scheme (NHS) for three years a few years ago.

Now she will start working again in the NHS. I would like to know if there is any way of calculating how much extra she should have to pay into the scheme to sort of make up for the lost years (10 years) to get what she would have accumulated had she paid into a pension from her early mid twenties.

thanks

jem16

Difficult to tell.

However with a defined benefit scheme she has basically lost out on 1/80th of her final salary x however many years she missed.

Let's assume a final salary of £35k. 1/80th of that is £437.50 so 10 years is £4375 plus a lump sum of £13,125.

You could then use the calculator on the website to see how much it would cost her to buy Additional pension.

http://www.nhspa.gov.uk/PDweb/PensionCalculators/AdditionalPension/index.htm

margaretclare

There should be someone in the Finance Department of her hospital who can tell her this.