Nhs pension

sabelu

How do NHS pensions work. If someone's a part of the NHS pension 1995 scheme when they retire can they move their fund rather than take a pension salary or sum? Is there a limit of contributions you make and you get no benefit for the salary you sacrifice I.e. Pay in for 30yrs but get no more benefit than if you paid in 25?

hyubh

sabelu wrote: »

If someone's a part of the NHS pension 1995 scheme when they retire can they move their fund rather than take a pension salary or sum?

You wouldn't get a 'fund' value because there is no fund. Instead, you would get a cash equivalent transfer value... which would likely buy you nowhere near the true value of what you would be giving up. What makes you think otherwise...?

Is there a limit of contributions you make and you get no benefit for the salary you sacrifice I.e. Pay in for 30yrs but get no more benefit than if you paid in 25?

'Salary sacrifice' is a technical term that won't actually apply in your case. That said, I'm not sure where you get the idea that the maximum accural under the 1995 section is 25 reckonable years - IIRC it's either 40 or 45.

More generally, I'd lose the feeling of being ripped off (if you have that feeling), because the reality is the opposite.

atush

Why oh why oh why, don't the HR people in the NHS run a class for employees explaining their pensions?

xylophone

It pays to challenge

It pays to be informed - especially in regard to your pension scheme!;)


https://www.gov.uk/government/collections/nhs-pensions