Need to increase my NHS Pension.

keep_it_simple

I agree totally.
My colleagues joke about patients pushing us about in wheelchairs when we're 65 so we can help them, when they are 45.
I've found my NHS pension estimate and I'm in the 1995 scheme.
I also looked at that calculator you mentioned and if I'm right I think I pay the same in as I get out.

What it will cost
This is to get an additional £250.00
is this a month or a year ?
I can only purchase extra pension for 2 years.

Monthly payment £228.00
Annual amount £2,736.00
Total amount £5,472.00

I take it this figure is without NHS putting any in to my pension pot other than what they already do ?

tacpot12

The additional "£250" is a year. This doesn't sound like you are getting much for having paid £5,472, but you need to consider that you will receive 3 x £250 extra in your lump sum, and the £250 that is paid as part of your pension will be index-linked and paid for the rest of your life regardless of how long this is. So you pay £228 a month for two years and get £250 a month of purchasing power for the rest of your life.

You might also be saying to yourself that "£250 a year is only £20 a month", which is more or less correct, but having an extra £20 a month that arrives reliably can make a big different to your quality of life, e.g. it's a meal out with friends.

It wasn't clear from your original post whether you were solely in the 1995 scheme, or had deferred benefits in the 1995 and 2008 schemes and were an active member of the 2015 scheme. If you are have remained on the 1995 scheme because of the transitional arrangement, you will be earning additional service in the 1995 scheme which will increase your pension. This will also increase your lump sum.

You might also consider deferring claiming your pension until after you retire. If you have some savings and get a 0% credit card, you might be able to defer actually claiming your pension until six months after you stop working. This will further increase your pension (for the rest of your life) and you can pay off the credit card and top up your savings with your lump sum.

Flugelhorn

tacpot12 wrote: »

You might also consider deferring claiming your pension until after you retire. If you have some savings and get a 0% credit card, you might be able to defer actually claiming your pension until six months after you stop working. This will further increase your pension (for the rest of your life) and you can pay off the credit card and top up your savings with your lump sum.

I think that the 1995 scheme value does not increase if you leave work and delay taking the pension, beyond the NRA ie if you take it at 61 instead of 60 you miss out on a year and don't get any more monthly pension. The only way to increase it after 60 is to carry on working

louloubelle79

tacpot12 wrote: »

I think the government fully expected the majority of staff to take 'early' retirement from the 2015 scheme, I just hope the NHS workforce planning has also assumed a large degree of early retirement otherwise the wards and clinics will be even more understaffed!

In order not to lose pension if I retire early what other things can i be doing now? I’m 40 and can’t face another 28 years doing what I’m doing :think: I have a
LISA- maybe this could be my bridging retirement?

nicter

I worked full time for the NHS for many years
2 years ago at 60 I took my pension ( 1995 version) and cut my hours to 22.5 This gives me the equivalent of a full time wage with part time hours
Plan is to continue with this, health permitting, until I can get state pension

GingerJim

If you are just in the 1995 scheme you might be able to continue getting additional years of membership past 60. Aside the advice above, you could look to take on a different role at 60, either with or without taking your 1995 pension. If you are not in the 2015 scheme now, if you returned to work after retiring you may also start contributing to a new pension in that scheme.

Do you have any pension from former employment pre-nursing?

crv1963

keep_it_simple wrote: »

I agree totally.
My colleagues joke about patients pushing us about in wheelchairs when we're 65 so we can help them, when they are 45.
I've found my NHS pension estimate and I'm in the 1995 scheme.
I also looked at that calculator you mentioned and if I'm right I think I pay the same in as I get out.

What it will cost
This is to get an additional £250.00
is this a month or a year ?
I can only purchase extra pension for 2 years.

Monthly payment £228.00
Annual amount £2,736.00
Total amount £5,472.00

I take it this figure is without NHS putting any in to my pension pot other than what they already do ?

If you are solely in the 1995 scheme you can retire without penalty in 3 years when you are 60. Speak with your Trust Pension Officer about increasing pension options, look at your TRS to see what you are currently forecast to get.

The other way to increase 1995 pension is to work as many nights/ weekends and bank holidays as you can in a year prior to taking pension. The year is calculated back from date of retirement- such as:-

Retirement March 2022 so they use the best 12 month period of

march 2019-February 2020 or
March 2020- February 2021 or
March 2021- February 2022

So I would work it out back from your 60th birthday. If you don't work shifts try to do so, if you do work shifts try to get bank holidays and weekends in.

kidmugsy

tacpot12 wrote: »

The additional "£250" is a year. This doesn't sound like you are getting much for having paid £5,472, but you need to consider that you will receive 3 x £250 extra in your lump sum, and the £250 that is paid as part of your pension will be index-linked and paid for the rest of your life regardless of how long this is.

So at a cost of £5472 less tax at 20%, less £250 x 3 = £3628, she gets an extra £250 p.a. index-linked for life, with a widow's benefit too. That's a splendid return compared to a commercial annuity, isn't it?

Conceivably, for all I know, the £250 p.a. might be tax-free until State Pension begins.

GingerJim

I’m not sure if the last comment is said in a sarcastic way or not, but assuming the calculations are correct, this is about par for the course, most things i’ve looked it with the NHS pension take about 15 years to pay for themselves after retirement. It also seems a pretty meager return of £4.80 a week.

Bonneyd

I've been reading this thread with interest and would also like to increase my NHS pension if possible. I'm a member of the 1995 scheme and have been employed part time and paying into the pension since December 2004 (current salary £31,000 p.a.) I've followed, and read the information on the links given.
I'm 60 years old and according to the calculator I can pay a lump sum of about £60,000 into the scheme and get an extra £3000 a year from the age of £65. I'm trying to find out how much I'd receive annually if I paid the lump sum but then retired or was made redundant at the age of 61.
Any help would be very much appreciated.