Pension at 57+

atush

FXR wrote: »

Hi,

I already have a occupational pension after 25 years with Civil Service. Its not a huge amount (and certainly not "Gold Plated" as the media would have you believe!!)

In 2014 I returned to work and I am now employed by NHS Scotland.

Since the outset in 2014 I have contributed to the NHS Superannuation Scheme. I pay around £70 per month. Its an Average Salary scheme.

I feel I am paying quite a hefty sum each month and wonder if, at my age, its a good idea to continue paying into the scheme or do something else with my 70 quid per month.:beer::beer::beer:

Grateful for some thoughts and advice.

TIA

There is nothing you can do with your 70 per month that is better than the NHS pension.

dunstonh

atush wrote: »

There is nothing you can do with your 70 per month that is better than the NHS pension.

That isnt what the lady on the corner says

atush

The lady on the corner is a nutter

kidmugsy

FXR wrote: »

I already have a occupational pension after 25 years with Civil Service. Its not a huge amount (and certainly not "Gold Plated" as the media would have you believe!!)

It's the terms that are "gold-plated", not necessarily the amount.

Number75

You do realise that much of the private sector has had equally low / no price increases, without the security?
It's a myth that the civil service trades immediately pay for pension benefits.

A NON CONTRIBUTORY FINAL SALARY PENSION?!!!

And you say that's not "gold plated"?!

Come see the 4 reductions in 7 years I've had to my private sector company pension.
1. Pay more for same benefit
2. Go career average
3. Pay more for same career average
4. End career average go DC (and go 80th not 60th) and overnight my projected pension is ONE THIRD less

You know what? I still think that compared to others my age I am still lucky to have a element of secure and predictable FS then CARE Pension, and decent employee contribution to a DC.

Not good plated? My !!!! it isn't!

Perhaps if you even slightly appreciated what you had in the CS pension you'd feel more positive about the gift of an NHS pension for only £70.

jamesd

The work pension is a great deal, keep on with that.

Did you know that now you're 55 you can pay into a personal pension, get the tax relief added then take out 25% tax free, saving the rest for later? So you could pay in say £1000 net, get £250 in added tax relief then take out £312.50 leaving £937.50 in and growing for later. It's a great way to save for early retirement or long term in retirement topping up of your income. Or you could leave the £312.50 in to grow as well and take it out still tax free later.

Do you have much in savings and investments? Running that through a pension can be a really great way to increase its value with the tax relief.

At 57+ you're now old enough to be looking into your expected income in retirement and when it starts, then doing something about it if you don't like the answers. A state pension forecast is something to get to help with that.

If you let us know what the times and amounts are for the various things and what you have elsewhere we should be able to help you to come up with a plan to meet your targets, or maybe tell you that you need to think again.