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

kidmugsy

chucknorris wrote: »

But I am glad that it remains extremely good value

Lousy value for the taxpayer, as is demonstrated every time government employees come on here and reveal that they don't have the first idea about pensions. That means that the extravagant pensions don't do their job of attracting and retaining staff.

chucknorris

kidmugsy wrote: »

Lousy value for the taxpayer, as is demonstrated every time government employees come on here and reveal that they don't have the first idea about pensions. That means that the extravagant pensions don't do their job of attracting and retaining staff.

They are certainly retaining me with the pension, I would retire at the end of this semester if they converted to a dc pension tomorrow. As it is I am considering working on until I'm 66 and that is for only 3 reasons which are all pension related:


1. To keep benefitting from the main TPS pension.
2. To buy all the additional TPS pension that I can, which is now only inflationary increases, as I will finish buying the max allowed this December.
3. To invest in a SIPP up to the £40k annual allowance (after deducting the value of 1 and 2 above) each year.

claire111

OP - your contributions will be between 5.0% and 14.5% depending on your salary http://www.nhsbsa.nhs.uk/Pensions/4207.aspx

To buy £1,000 CPI linked Additional Pension payable at age 65 will currently cost you £12,200 if you are male, £13,200 if you are female. These rates will increase on your 55th birthday. Tax relief can be claimed back on these payments. You can opt to pay in installments but it will cost you more. http://www.nhspa.gov.uk/PensionCalculators/AdditionalPension/index.aspx

Anyone else joining with existing pension pots should also apply for a quote to transfer into the NHS scheme. Not saying that you should transfer - just that you should look at the figures. You must do this within 12 months of joining

HTH

ScoobyZ

I'm in the NHS Pension Scheme.

I transferred my Previous Company Pension in that my company also paid into. I only had 2 years 10 months and the NHS gave me 1 year and 1 month for it! I also had a boots pension (10 years) but they wouldn't allow me to transfer that in as it had some equalisation payment added to it that allowed me to retire at 60 rather than 65 (some sort of Euro Sex Descrimination Ruling)...I'm not complaining

Back to the point....get the NHS scheme!!! They pay 14% in!!!