NHS Pension Confusion

andy001

stoozie1..thanks
I thought it was only 2 x annual salary .. was not aware of plus 6m full pay !
Family income protection policy can pay this for merely £30 to 40 p.m..
IFA on MSE forum may be able to correct me if it's wrong assumption
Thanks
Andy

edrushuk

Thanks for all the work on this, it has been very useful. I have just started in the NHS at the age of 48 (now 50). I have addition question. I am currently a band 6 if I was able to contribute another £50 into my pension pot how would that work out? I intend to spend the rest of my working career in the NHS so would like to get the most out of the pension as I only have 17 years left. Also if I transferred £20K ( other pension pots) would that be a good thing. Thank you again.

mollycat

edrushuk wrote: »

Thanks for all the work on this, it has been very useful. I have just started in the NHS at the age of 48 (now 50). I have addition question. I am currently a band 6 if I was able to contribute another £50 into my pension pot how would that work out? I intend to spend the rest of my working career in the NHS so would like to get the most out of the pension as I only have 17 years left. Also if I transferred £20K ( other pension pots) would that be a good thing. Thank you again.

Its not a "pot".

Read the factsheet to get an understanding of your pension.

hyubh

edrushuk wrote: »

Thanks for all the work on this, it has been very useful. I have just started in the NHS at the age of 48 (now 50).

You didn't mention that on your own thread. Since you've been in the scheme for over 12 months, transferring in won't be possible any more. However, purchasing additional DB pension outside of that still will be.

PS - mollycat's rather brusque interjection was because when a pensions geek speaks of a 'pot', they mean the value of a DC pension, i.e. an investment total that (on retirement) you either draw from directly, or purchase an annuity with. The 'pot' you allude to with your NHS pension is in contrast your current CARE pension accrual, i.e. what you will be due to be paid, each year, on retirement.

mollycat

hyubh wrote: »

You didn't mention that on your own thread. Since you've been in the scheme for over 12 months, transferring in won't be possible any more. However, purchasing additional DB pension outside of that still will be.

PS - mollycat's rather brusque interjection was because when a pensions geek speaks of a 'pot', they mean the value of a DC pension, i.e. an investment total that (on retirement) you either draw from directly, or purchase an annuity with. The 'pot' you allude to with your NHS pension is in contrast your current CARE pension accrual, i.e. what you will be due to be paid, each year, on retirement.

Whats "brusque" about it?

Dont you know that the written word can be construed in different ways and may come across differently than had it been spoken.

There was no brusqueness intended.

The poster demonstates a poor understanding, (again no malice intended); the easy to understand NHS Pension factsheets, which include FAQs and example scenarios are the absolute best way to understand all sections.

"Geek" or no geek, its not a "pot"......that was the misconception earlier in the thread that required a fair few posts to sort out; hence why I interjected.

TARDIS

stoozie1 wrote: »

Certainly not an expert, but my understanding is that whilst opted out, a member forfeits Death in Service benefits.

I believe it's now not uncommon for members nearing LTA to opt out for 11 months each year with minimal effects on death in service benefits: https://www.nhsbsa.nhs.uk/sites/default/files/2017-04/Survivors%20Guide%20%28V5%29%2004.2017.pdf

Some NHS employers will even give opted out members the employers contributions, but only if they're permanently opting out, not doing the Hokey Cokey.

edrushuk

Thanks all, life is far too short to take it personal and Mollycat is correct I have a poor understanding of my pension, that is the reason for all the questions. I will go and check out those factsheets

[Deleted User]

Hi there
Hoping someone may be able to help ive just been awarded ill health retirement pension from an accident encountered working for the nhs. The nhs have sent me an awards statement but I have no idea what it means. Is anyone able to please tell me what my monthly pension would be with and without a lump sum. Thank you

Silvertabby

Sweetie - delete that statement now!  It gives your full name, DOB, address and NI number.  
Most of us on these boards are decent folk, but there are some bad b*ggers out there who just live to get their hands on this sort of information.

In the meantime, it's just your annual benefit statement and nothing to do with your IHR claim

JoeCrystal

Please do not post personal details. There are way too much on your statements. Please remove the statement and repost but with all your details blacked out.