NHS nurse want to retire earlier Q

louloubelle79

Hi
More advice pls re NHS pension
I am 39 and only really started paying properly into pension few years ago 😩 student, having kids etc have a few small pots.

I am paying additional pension now if max £6000 per annum and also small nhs AVC with Pru of £50 month

Retirement age 68 in 2005 pension

What are my best options to retire earlier as can’t see myself in this job (children safeguarding) until 68.

Either save more in AVC or additional savings?

Thankyou

spaniel101

Hi louloubelle79. I have also posted above again (see..'about to ditch') though dependant on your own circumstances (dependants/benefits) , hopefully someone may be along soon in answer of.



(NB SIPP would offer +20% tax relief added on top of contribution (which the Additional Pension doesn't due to net pay arrangement). Total pension contributions overall - including 20% tax relief = upto 100% relevant earnings (salary) ).

louloubelle79

Thankyou Spaniel
Sorry for daft Q but how does a SIPP differ to the nhs AVC with Prudential?

louloubelle79

Sorry just read again, thankyou that makes sense:money:i

crv1963

Set a target retirement income, then work out back from that to the rough age you can retire. Then increase savings into the best/ most effective savings product. For us (early/ mid 50s) SIPP is the most tax efficient but it may be a LISA even for the extra 1k may make sense then a SIPP or ISA?

louloubelle79

Thankyou I have a LISA so will utilise this fully
Thanks