Pension scheme advice... Please?

Happymaya

Hello everybody,
I'd need your advice. I will start working for an NHS trust in January. It is a 1 year fixed term contract. I am 33, so I'm not sure if joining the pension scheme is convenient for me (it will be my first job, so I don't have other ontibutions, and not sure if I can do much with my Italian and English university years in his respect).
As you've probably understood I m a bit confused , so thanks so much for any advice :-) !

McKneff

The NHS pension scheme is the best one to be in, convenient or not, I would grab it with both hands, even if you and the NHS just pay into it for a year, the rewards after its been in there till your retirment will be very welcome.

Its free money, I can see no reason why you would say 'no thank you' to that.

dunstonh

Join. If you end up there longer (as many do) then you get the benefit of the year accrued. If you leave then you get your contributions back or can transfer the pension to another scheme.

Happymaya

My doubt is only that I will never reach the 'pensionable age'... In Italy (where I come from) you need now 40 years of work to be entitled to a pension, not sure of what it is like he in the uk...
Thanks!

Happymaya

I realise it seems I think I'm going to die before that age... What I meant is I'm not sure I will work until I'm 73!! :-D

R_P_W

What alternative do you think you have? If you have no pension how do you expect to stop working?

McKneff

Full state pension at the moment is £107 a week, the level will be around about the same (or state pension may not even exist when you retire) you really should be thinking about provision for your old age now, 'specially when the NHS is helping you out.

Happymaya

You're right. What I mean is just that I am not sure if any scheme I join will ever pay me a pension if I don't 'top it up' in some way.

atush

Yes, years accrued in the NHS scheme will be there for you if you leave later on. I think you need 2 years in to stay in, so join today.

They will pay you even if you live in italy by then. And the age they will pay you from will be determined at the time you sign on (ie be it 60, 65 or more).

AS for state pensions, there probably will be one when you retire, but who knows what age you will be (ie 68, 70 or more) and what level it will be. And you will have one here in the UK, and one in italy (if you worked there before which I assume you have at 33). I believe you can even combine them into one under EU rules but am not sure. And then you'd have to see which one was best so i'd leave things as they are at present.

Happymaya

But what will happen if I won't accrue the 40 years necessary for the scheme? I have never been in any other scheme as I have previously been self employed.
Thanks again to all of you, it's all very new to me...

taktikback

you don't need 40 years - you will get a proportion of your salary as a pension for the number of years you are in the scheme - don't worry about what might happen in the future -join the scheme - you will not regret it.