About pension

Darlyd

Can someone please tell me all about pensions and how they work?

I pay quite a lot every month into a pension (NHS) and from what I have read I can start getting paid that if I retire at the age of 50 every week OR I can take as a lump sum.

Now would I also get a state pension?

I do not have the foggiest.

Thanks for any help.

fiesta04

You will get more informed answers if you repost in the Pensions Board.

F4

princessdon

At the moment this is the case

A) You get your state pension (regardless of private pension)
b) You get any SERPS pension ( probably not relevant to you as most NHS pensions opted out)
C) You get "pension credit" when you reach retirement age - if eligibile.


Pension credit is an amount the govt give to pensioners. Eg it is currently £217 pw per couple.

They "top the amount up to this" and give HB and CT benefit.

If you are over the amount you get nothing.

I take it you are not yet at retirement?

If you are to continue working - I'd suggest you post this on the Pension board - re Annuity for better advice, but yes you would get a state pension (and SERPS if paid).

Whether that will change - is anyone's guess.

Darlyd

OH didn't realise there was a pension board.

Thanks princess you have answered my questions.

princessdon

I'd still post on the pension board as to whether to take your annuity or wait. They will give a much more detailed answer.

But yes you'd get your state pension regardless. They can help with lump sum v annual.

Don't forget to give information Re your forecast and if you are a homeowner or in rental.

PC - would mean rental paid for example.

Darlyd

Thanks again will repost there. :-)