Need to increase my NHS Pension.

keep_it_simple

Hi ya,
Thank you for all your advice.
I'm not sure if I'm in any either the 08 or 15 scheme,
I'll ring and ask them. I've had a pension forecast in 2016 when I was thinking of retiring at 55. I was thinking of going full time and using 1 day A/L a week to bring it back down to 4 days. I have a 14 year old who I need to be at home for as much as poss.
TBH doing any extra Nights, Bank Holidays or weekends is not possible in my area. I can pick normal day shifts up though or enroll on Bank.
I will look into the possibility of buying additional pension.

If I go full time for a year how much difference would that make to my pension at age 60 ?

Thanks.

Flugelhorn

keep_it_simple wrote: »

If I go full time for a year how much difference would that make to my pension at age 60 ?

Thanks.

Not so much - the pension is based on salary, not pay.

For example the final salary bit of my pension was based on a job where I only work a couple of sessions a month but the whole time equivalent salary was calculated based on the amount I would get if I worked full time.

Working full time adds more "days" to the overall calculation used to calculate the pension - for 1995 this is based on :

(Number of days worked since joining the scheme x Salary) / 29200

29200 being 80 years * 365 days

So if you have say 24 years wte and are paid 30,000 then you would get:

24*365*30,000/29200 = £9000

if you work half time it adds half a year, full time adds a whole year. Working another year half time makes the pension £9187.5 while another year full time makes it £9375