choice 2 NHS pension.

misswoosie

So how about some constructive comments on the remainder of the post rather than just making deregatory comments? Have you worked in the NHS or indeed the public sector? Sour grapes is it because you've not got a "fabulous" pension scheme although you, for less responsibility, qualifications and stress have a salary at least 3 times the average for an NHS worker, let alone nurses. It's ignorant to say "any public sector scheme is very valuable" as they're all different, and additionally, pay rates across the public sector vary hugely.
Regarding BTL, I could've bought a BTL 3 bed flat in a nice area for £18k in 1986 rather than just buying one to live in. That flat would now be worth approximately £130k. That's a hell of a lot more than my £30k lump sum. It could've earned me approx £8k per annum then (which coincidentally was equivalent to my GROSS annual salary then). Over 30 years that would be £240,000 gross income( not taking into account any rent increases) which is more than the NHS pension is going to give me for, perhaps, 20 years.
Very importantly, there are "risks and potential huge losses" relating to working for the NHS for 45 years but then you and others who've never worked in it wouldn't understand that.
I would imagine they sell most of the tabloid newspapers at the local shop.

Malthusian

So how about some constructive comments on the remainder of the post rather than just making deregatory comments

If you can't be bothered to use paragraphs then I certainly can't be bothered to constructively point out why your advice is terrible and your maths poor.

There is no point for your sake as I suspect you won't listen and it's too late anyway, and I don't think anyone else is in danger of following your terrible advice as it is too incoherent and poorly written.

misswoosie

Ditto to you regarding being constructive rather than destructive. Apologies for the missed question mark but there's absolutely nothing wrong with my Maths.

misswoosie

jackyann wrote: »

Do you know what your career average is likely to be?

The NHS is such a huge organisation that it's impossible to generalise, but there are a good number of people who get to the top of their grade and stay at it.

I, for instance, made grade 6 (well, the equivalent back then) when 23 years of age, and I stayed on the same grade until retirement 36 years later (despite , like so many nurses, actually working well above my grade, but that's another story!)

Work it out with a cool head, and ask your union. Good luck

To some extent I agree, but feel it's also important to point out that the lowest Band for qualified nurses is a 5, and the highest, even for a moderm matron or senior Nurse Practitioner, is Band 8. Around 60% of qualified nurses are Band 5's according to the 2014 NHS Federation data. There's a bottle neck and the difference in salary for a new graduate bottom increment Band 5 and a Masters degree qualified top increment Band 8 is only £26k anyway. This doesn't compare well to career progression or salary increases within the Police Force or Teaching.

jem16 wrote: »

That all depends on circumstances. Never mind the average - what would you get? Someone on £30k and a full 40 year contribution record would get £15kpa.

You're obviously going to get more then so why throw it away. Your employer pays around 14% to your pension - opt out and you will lose that contribution plus all the associated benefits. Those benefits are death in service of 3 times your salary plus a 50% spouse pension on death, and an index-linked pension for your life and that of your spouse.

That £7.8k average that you talk about would require a pension pot of £260,000. You say you have that now - what has it cost you?

But most nurses are Band 5s. The top increment for Band 5 is £28k. Many other staff , eg secretaries, PA 's ,cleaners, porters, IT staff, non qualified nurses ( ie a major chunk of the NHS workforce who are on AFC terms and conditions ) will never earn anything like 28k. Top Band 3 (for many secretaries and non-qualified nurses is £19k. Additionally, I doubt that many nurses, qualified or not, who have worked for the whole of their NHS career on wards , or indeed in other clinical areas, will be capable of meeting the requirements of their job description and NMC code of conduct up until the age of 65. Of course that's what they're banking on. Either that or that people die in service.
The NHS in England employs around 635k clinically qualified staff of whom 314,966 are nurses and health visitors.