NHS or Private Sector

ttemujin

Hi All,

I would value some advice with regards to my current job situation. I am currently employed as a substantive NHS Consultant. I am applying for a new job with a view to working closer to home. I have been offered a 4 day job in the private sector ( £100, 000). There is an NHS job paying £80, 000 ( 5 day job) also available. The decision might seem like a " no brainer" but as you know, NHS pension is very lucrative. I have invested for 10 years into NHS pension already. If I take up the private post , I have to invest into a private pension. Have any of you been in a similar situation or can anyone give me some insight into private pension schemes and if they are actually worth it.Please share your views

poorlittlefish

You might be better off posting your question in the pensions forum. A lot of people are struggling to even find minimum wage jobs on this forum and are not in the enviable position of choosing between two extremely well-paid positions! I suggest the pensions forum because omeone who works in pensions would probably be able to give proper advice on the subject. With a £20k-higher pay for only a 4-day week it could be that the extra you'd earn in that job could be invested in some way that could offset the perceived or actual benefits of an NHS pension, but I wouldn't know.

DKLS

Which would be the better choice in terms of work/life balance and strategic career decisions?

Could you take on the NHS role and do some private sector work or teaching? Or do you fancy a change in direction, there was an advert last week on Linkedin for future leaders of the NHS, at 90-100k.

cazziebo

You should get proper financial advice regarding pension if that's a deciding factor. It's likely you could contribute to a personal pension via salary sacrifice that would offset some tax liability. This might balance out the advantages of the NHS pensions.

Surely at your level it's about more than pension? Working conditions, facilities, organisational culture, resources? I'd also ilke to think there should be an element of commitment to the NHS as it's the British taxpayer who funds the majority of medical training, and the also funds the majority of the NHS pension (as there is no NHS pension fund)

t0rt0ise

As you will know most consultants work in both sectors. The NHS is where you keep up with new developments, private is where the money is. Doing just private is a bad choice. Stick with the NHS until you too can do a bit of both.

ttemujin

Tks for your suggestions. Very useful indeed

ttemujin

Point taken with regard to Tax payer funding Cazziebo....