Very confused re pension. Slightly complex history

JoeCrystal

Okay. It is stakeholder pension but 5%? Of course, you could contribute more. You are going have to weight the risk free defined pension at low cost with death in service and ill health early retirement to a stakeholder pension with all the investments.risk entirely on you and that it really.... There are pension calc you can figure out what kind of contribution is required to get a retirement (much higher than you think.)

Cheers
Joe

dunstonh

Are stakeholder pensions that bad?

No. Just becoming long in the tooth. They no longer look good value against alternatives and do not offer the features and options either.

Juat spoken to HR person again. It is a Stakeholder pension. Managed by Wentworth and run by Aviva.
Would I be mad to move? (Crystal Ball time again)

Many people do consider their employment on the basis of their pension. The NHS pension and related benefits is like having 30% on top of your salary. That is sort of figure any private sector alternative would cost if you tried to match benefits as close as you can.

atush

How many years do you have overal with the NHS scheme?

Yes, as D says your old pension was worth about 30% of your salary. You will be putting in just 8%. is 108% 0f your new salary worth more than 130% of your old one (current one)?

so I would strongly advise you put ahl that 10K into your pension each year and the other 5K into cash savings. Once you have 6 months spending saved, switch to S&S isas.