CARE estimation

awm112

Hiya, just a quick question. I'm currently enrolled in the NHS 2015 CARE pension scheme with the 1/54 accrual rate. With this in mind, how do you calculate/estimate the value of your pension pot? I want to know the likelihood of hitting the £1m max with the idea of investing in a SIPP alongside the NHS scheme to facilitate early retirement.

Currently age 31 on £104k/year, therefore accumulating £1925/year + revaluation. I can estimate what my annual pension would be (roughly) but not the total value of the pot? I ideally don't want to work beyond 55. Younger if the ISA will allow.

Thanks in advance.

marlot

For DB pensions, you multiply the annual value x 20.

The LTA is likely to be a major inhibitor to you. Hopefully it'll get removed at some point, but probably too late for me.

I'm told the LTA is driving force behind a number of GPs choosing to go at 55, compounding the current issues.

marlot

Just to add, there is talk of raising the minimum age at which one can take a pension, from 55. I believe this may be from 2028, when it could rise to 57?

awm112

Yeah I gather it'll probably be SPA-10, or thereabouts.

Thanks. Yes so in that case I may as well forget the SIPP and stick £4k/year into a LISA and £16k/year into S+S ISA, pending ISA allowances.

Thanks for your help.