NHS Pension Planning for Nurses

Twoplus

It sounds like a good suggestion as it gives you more flexibility but I am no expert. You have got several years to go before you retire, so it's impossible to know what the rules regarding tax and withdrawal of pension will be when you want to access it.

I know someone who was in the same position is you, but at age 38 she got married, had 3 children and dropped down to a part time staff nurse position, so you never know what is round the corner.

If you manage to find out if ERRBO is worth doing I would be grateful for an update. You can still do it if you retire before 65, but it says it will be reduced, but by how much I have never been able to find out. I have a reasonable amount in the 1995 scheme which I can take at 55 but will need a bit more till I get my 2015 and state pension.

crv1963

Blueboo86 wrote: »

Update:
I spoke to the IFA this evening, I discussed my current situation, what I am already doing.
He also advised me to seek further advice and explore different options once my ISA reaches around £30-40K. I estimate this to be in around 6-8 years, depending on my returns. This is around the time my contributions will increase significantly so ties in well.
Things will have changed by then so I'm not even contemplating what to do once I've built my funds up. I would however love to know what anyone thinks about putting everything into my S&S ISA.
I did discuss many other things with him that I won't go into now, but please, any thoughts would be gratefully received.
Kind Regards
Blueboo86

You've planned with your IFA who has given tailored advice for your personnel circumstances. You need to run your own calculations, but I would think getting money added to it using a LISA or SIPP would be "money for nothing" in terms of boosting the savings rate as you intend using an ISA?

paulhipwood

Dear Blueboo

Two questions
1 What was the reason for not investing in ERRBO?
2 Why an ISA? If you invest in a Pension rather than an ISA you will get compound interest on the 25% tax you gain on your investment. Assuming that the investment goes up in the 26 years you are planning for.

Best wishes for your retirement planning