NHS Choice 2.... what are people doing?

fastestlouigie

Money_confused wrote: »

I had a look at this earlier today, I haven't had my letter yet so I have been reading up on the nhs pensions website, plus they have a contact number for questions. Seems to me that we will all be moved to the 2015 scheme it is just whether those who are still on the 1995 scheme want to transfer over to 2008 before the transfer to 2015 in a few months or so. I stayed with the 1995 because I have MHOS and have been paying in for 24 years (so should be 28 years in terms of contributions). I am also concerned that there will be more changes over the years before I can retire (I am 42), and who says there will even be a job/nhs for me to work in. I am seriously working out the figures and wondering about deferring my 1995 scheme pension so I can take it at 55 as per the contract I entered so many years ago. By my reckoning, I will be able to overpay my mortgage to be mortgage free by 50(ish). It's tough trying to foresee the future when making these decisions!!

Your situation is very similar to mine! MHOS and I've got 23 years (26 equiv.) in the 1995 scheme and will have paid off the mortgage by 50. The main difference is I'm 47 and whilst I don't have full protection (gnashes teeth-I missed it by 1 month!), I should have 40 years in by the time I move to the 2015 scheme in 2021. I saw my local MP at the back end of 2011 when I realised the damage that the 2015 scheme changes could have made to my retirement plans. I received a reply from the pensions minister which was complicated and not very satisfactory. Luckily, the most I'll lose is around £600 a year, depending on whether or not my calculations are correct.
With regards to Choice 2, independent financial advice may be required if you want to retire closer to 65 than 55/60; it's a complex issue that could mean a difference of thousands of pounds.

jem16

Money_confused wrote: »

I am seriously working out the figures and wondering about deferring my 1995 scheme pension so I can take it at 55 as per the contract I entered so many years ago

Be very careful about doing this as you may lose the right to take it at age 55 without actuarial reduction.

Probably best to stay in the scheme and leave your pre 2015 benefits where they are.

As you are 42 and 13 years to your normal retirement age of 55, surely you have transitional protection?

Money_confused

As you are 42 and 13 years to your normal retirement age of 55, surely you have transitional protection?[/QUOTE]


Sadly the date they base the ages on started in 2012, so I miss out on this by a few years.

I best find myself a financial advisor!