Is it worth taking out an NHS pension at age 54?

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Bishy
Bishy Posts: 6 Forumite
in Pensions, annuities & retirement planning
I am about to start a new job in the NHS. I have never had a pension. Would it be financially worthwhile taking out an NHS pension now at the age of 54, (55 in April)? Thanks for any advice.
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  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
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    If you wish to be mindful of the taxpayers' interests, don't touch it with a bargepole.
    Free the dunston one next time too.
  • Prothet_of_Doom
    Prothet_of_Doom Posts: 3,257 Forumite
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    Yes.

    ......
  • dunstonh
    dunstonh Posts: 116,635 Forumite
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    no brainer - you should join it.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • atush
    atush Posts: 18,730 Forumite
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    Yes, you should join it. Pay in for added years if you can, and transfer any old PPs or MP pensions into it.
  • t0rt0ise
    t0rt0ise Posts: 4,290 Forumite
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    You should join it but do be aware that the scheme is changing and your pension will be calculated according to the 2015 scheme details of which are not yet available.

    http://www.nhsbsa.nhs.uk/Pensions/4017.aspx
  • Spirit_2
    Spirit_2 Posts: 5,546 Forumite
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    Yes. Alongside your contribution your employer will be paying in 14%.
  • Andy_L
    Andy_L Posts: 12,819 Forumite
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    +1 for what they said, unless you have a terminal illness and can guarantee you will die before 65 (and have no spouse/dependant children)
  • FatherAbraham
    FatherAbraham Posts: 1,024 Forumite
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    Spirit wrote: »
    Yes. Alongside your contribution your employer will be paying in 14%.

    14%? More like 40%, surely, at 54?

    How do you compute 14%?

    Warmest regards,
    FA
    Thus the old Gentleman ended his Harangue. The People heard it, and approved the Doctrine, and immediately practised the Contrary, just as if it had been a common Sermon; for the Vendue opened ...
    THE WAY TO WEALTH, Benjamin Franklin, 1758 AD
  • dunstonh
    dunstonh Posts: 116,635 Forumite
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    Spirit wrote: »
    Yes. Alongside your contribution your employer will be paying in 14%.

    It is a defined benefit scheme. Not a money purchase scheme.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • chucknorris
    chucknorris Posts: 10,786 Forumite
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    Spirit wrote: »
    Yes. Alongside your contribution your employer will be paying in 14%.

    The value is worth a hell of a lot more than 14% to the employee.
    Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop
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