Starting an NHS pension aged 50+

Kynthia

Have you read the schene booklet yet?

crv1963

OP- you have not thought this through, any guaranteed income let alone 2.6k pa in retirement is good, especially as you'll have paid in so little for this.

Also you say there may be a chance that you'll possibly continue with NHS employment after this initial contract finishes. Stay in the scheme, see what you can do to increase your contributions to get a larger retirement income, have a good luck at the NHS Business Authority website, look for NHS Pension Members Benefits and how to increase them.

margaretx9

lesterrad wrote: »

Thanks, i just guessed at around £5k as I cant log into the system to get the correct figure, i believe a higher estimate is more accurate. I am a contractor on a fixed term contract and as such have had huge earning gaps over the last 30 years. I am being sensible to realize that the possibility of me having continuous employment until retirement is limited, as will be my ability to continue to make pension contributions. My thinking is that rather invest capital in precious metals which will increase, rather than have it tied up giving me limited return. When my contract finishes i will have such a small pot that i cant imagine it will give pay out much.

There is a helpful summary here. For each year you pay in you accrue a pension equivalent to 1/54th of your salary. So if you earn £47k you accrue an annual pension of £870 extra every year - a pension which increases by inflation annually and is guaranteed for life. Over ten years your pension would be greater than the state pension which you have to pay in for 35 years to get - and frankly you have fewer guarantees with the state pension arguably.

Not forgetting death benefits, ill health retirement (you are single - and you might fall ill/be unable to work anymore), partner/dependent children benefits if you marry/get a civil partnership and you die before them.

The world might end tomorrow - but assuming it doesn't a defined benefit public sector pension scheme is one of the best investments you can make.

https://www.nhsbsa.nhs.uk/sites/default/files/2017-02/NHS%20Pension%20Schemes%20-%20an%20overview%20(02.2017)%20V5.pdf