Nhs pension 2015

Harry81

Hi, whilst i have my pension plan sorted my wife has only just started a few years ago. Shes 36 and has been in the nhs pension scheme for 2 years. Ive asked her to get some details about the scheme to see what we can do to increase it or make it more beneficial in years to come. She only earns around 10k a year and pays about £50 per month. Any idea what this will be worth in 30 years? Is it worth paying in extra? We have a young family so in 5 - 10 years she might go full time which would boost it but dont wont this to be too late to make it a half decent pension. Any tips or advice would be great.

Thanks

Mark

TARDIS

She can get a total rewards statement from https://www.totalrewardstatements.nhs.uk.

This will say how much annual pension she has already accrued. You can request an estimation of her pension but at 32 years before retirement it'll probably be so inaccurate to be meaningless. It's impossible to accurately predict how much she'll get at SPA as it'll depend on future earnings and inflation, and the government potentially changing the scheme yet again...

There are number of ways to increase her pension. Which is best will depend on when she's likely to want to retire, how much extra you want to pay etc: https://www.nhsbsa.nhs.uk/member-hub/increasing-your-pension

justme111

go on the nhsbsa website and read about pensions, it would be information directly from the scheme. Then do the math and see whether sny additional pension ways seem advantageous to you. I have looked at it ( not in much detail) and concluded that I was not interested in what was on offer re additional pension. your circumstances mat be different.

crv1963

Your wife would need to decide if she is going to stay in the NHS and 32 years is probably too far away to predict but I would say any money saved towards retirement in the scheme is money well saved even if she later leaves and preserves her pension until retirement age. An increase in contribution would lead to a larger pension if she retires at NRA or mitigate the reduction in pension if she takes it at an earlier age.


Increasing hours to full time in a few years will increase pension to as it is now a career average scheme. Don't forget the employer puts in money as well. It might be worth her ringing her Trust Pension Officer and asking to be re-sent the scheme booklet again so you can have info to hand to help form a view as well as her on-line pension statement.

louloubelle79

I have also been in the NHS pension two years, work 19 hrs pw (13k annum) so have started making additional payments that come out monthly. Maybe look into this ?

Harry81

Thanks for the replys. I'll have a look on the links later and make a plan.

louloubelle79

She can also pay Additionally into https://www.pru.co.uk/rz/nhs/