NHS Pension

StanVanDamn

I wanted to ask a couple of questions on behalf of my wife regarding NHS Pension. Not sure if anyone on the forum has one?


How would we work out how much her pension would be and what sort of salary she can expect when she retires?


Also - with the NHS pension is it possible to reduce the amount she pays every month? She is finding she is paying £200 every month and its hammering her take home pay.


Thanks for the help

JoeCrystal

Regarding the third question, no. It may cost her £200 every month, but the true value of the NHS Pension is easily multiple of that cost. A conservative estimate, is at least 25% of the salary is needed to have something similar with personal pension (not including ill-health retirement provision and death in service benefit and other good benefits). Whatever she decides, she should not opt out as the financial loss in the long term greatly outweighed the gain in the short term.

As for the first and second questions, does she have any scheme booklet or annual statement to look at?

Wooftastic

http://www.nhspa.gov.uk/pdweb/pensioncalculators/standardpension/index.htm

t0rt0ise

You can see what the pension is and a projected guess at what it will eventually be at https://www.totalrewardstatements.nhs.uk/


You need to register but can then look each year round about now to see it updated from the last tax year.

firesidemaid

How long has she been a member of the scheme?


How old is she now?


Has she always been full-time?


When does she plan to retire?


What is her current pensionable salary?


She may be paying in £200, but she would only gain £160 back is she opted out.

kidmugsy

StanVanDamn wrote: »

with the NHS pension is it possible to reduce the amount she pays every month? She is finding she is paying £200 every month and its hammering her take home pay.

The League of Fed Up Taxpayers would be delighted if she simply left the scheme.

Stubod

...must be mad to think about giving up an nhs pension...best / safest investment you can make....if you google "nhs pension calculator", there is a simple tool for pumping in salary, age and it will give you a reasonably accurate statement with both "early leaving" and deferring options...but I stress again you won't find a better home for your money..LEAVE IT IN !!!

infj

There have been a LOT of changes to NHS Pensions recently and how she is affected will depend on which scheme she is in and how old she is.

Contribution rates have risen a lot too see

http://www.nhsbsa.nhs.uk/Pensions/4134.aspx

and it's now a career average scheme from 2015.