NHS Pension & AVC

keep_it_simple

Thanks.

Think that's about all I need to know for now, got to sort buying AP, fill ISAs and pay CCs and OD off.

Pay extra on mortgage and that's is !

Long road, full a bumps me thinks !

Anyway, thank you all for your help.
I'll still be here lurking for info.

atush

I am sorry, but not sure if I missed something here?

Is it worth buying AP if you are going to take your pension actuarily reduced or would other options be better?

I get that AP is good value if you take retirement at SA, but if reduced you are basically throwing away some of that money?

peterg1965

Have you had a pension forecast from the NHSPA? You say that you work part time so you will not be accruing your pension as quickly as you may think. You need to find out how many full time equivalent years you have earned towards the pension. For example if you work 18 hours a week (roughly half a 37.5 hour full time week), it will take you two years to earn 1 year of pension on the 1995 NHS scheme.

Write to the NHSPA and they will provide all the figures.

dibdabable

jem16 wrote: »

In your case, yes. The 1995 section comes with an automatic lump sum. The 2008 section comes with a higher pension and the ability to commute for the lump sum.



Your normal pension would be 19/80ths of final salary. So if you earned £30k the pension would be £7125. The lump sum would be 3 times that so £21,375.

Just wondered where the 19/80th came from is this based on her working part time?

jem16

dibdabable wrote: »

Just wondered where the 19/80th came from is this based on her working part time?

No you're quite correct - it wouldn't be. I had forgotten that she said she was part time now.

dibdabable

When working out my oh pension we were given 1/80ths by the NHS Leaflet we were given? My oh is full time.

jem16

dibdabable wrote: »

When working out my oh pension we were given 1/80ths by the NHS Leaflet we were given? My oh is full time.

Yes the 1/80ths is correct for the 1995 section with an automatic lump sum. The 2008 section became 1/60ths with no lump sum.

For each full-time year you gain 1/80th so after 40 years full-time you have 40/80ths. If you worked 40 years part time at 0.5 you would have 20/80ths.

So the OP seems to have 11 years of full-tile service and has now gone part-time. Without knowing at what percentage I can't work out the final 1/80ths.

keep_it_simple

Hi, sorry not responded before now.
Been at work all weekend. I'll see if I can find the info your after.

Thanks.