Anybody left the nhs and hire did it work out pension wise?

Nurseleavie

I'm seriously thinking of leaving the nhs after 12 years paying into my pension - I've reached the end of my mental health rope to be honest so I 're-training to get the hell out while I'm still at least half sane!
Has anybody out there done this and did you make further provision for your pension - how did it work out?
I feel like this pension is the handcuff that keeps me staying put (same story for many nurses) so would like to know other people's experience with leaving!

Thrugelmir

Grass isn't always greener on the other side.

Alexland

Depends what you would do next?

Nurseleavie

As long as the grass doesn't keep me awake at night wondering if I've done something wrong due to being so short staffed or feeling crippling guilt because a member of my staff had to miss her childs birthday party then I can cope without 'greener' but thanks for your advice.


And I'll still be registered, just not in the NHS so will still be in a financial position to pay into a pension. Just wondered if anybody else had been in a similar and how it panned out.

hugheskevi

I feel like this pension is the handcuff that keeps me staying put (same story for many nurses) so would like to know other people's experience with leaving!

It is true that leaving will mean that both (1) you stop accruing more pension and (2) the value of the pension you have built up so far is reduced, due to losing final salary link and enhanced in-service revaluation for the final salary and CARE components.

However, you can look at it in a positive light too - you have built up a foundation of a good Defined Benefit pension, which enables you to do other things, which will probably involve Defined Contribution pension. If nothing else, you are in a better position than many without the security of a Defined Benefit pension foundation.

I've reached the end of my mental health rope to be honest so I 're-training to get the hell out while I'm still at least half sane!

In my experience, it is best never to be fearful of change. Avoid being unduly hasty and make sure you take considered decisions, but it is never worth staying in a job you dislike.

And I'll still be registered, just not in the NHS so will still be in a financial position to pay into a pension. Just wondered if anybody else had been in a similar and how it panned out.

One option may be to return to NHS employment briefly every now and again, transferring in Defined Contribution pension to the NHS scheme and re-activating the enhanced in-service valuation of the CARE component of your pension and re-linking final salary (if you return within 5 years of leaving).

Nurseleavie

Brilliant thanks, some things for me to consider and look up. Pension jargon is a little complicated to me (not just me I suspect!)

I love my job, I've worked hard to be were I am but after having a health scare that has left me on medication solely down to the extra workload and stress placed on me (thank god I've a lovely home life) then I need a rethink - not getting any younger and all that ��

mind you my friend is a fresh produce manager in lidl - earns more than me but makes my stress look like a game ��

Thrugelmir

Nurseleavie wrote: »

or feeling crippling guilt because a member of my staff had to miss her childs birthday party

I wouldn't recommend working in the private sector then. Priorities are well defined.

Have you considered working bank shifts?

Nurseleavie

When I worked in the private sector your job finishing time was that, finish time. I never once felt that I'd have to stay behind at the end of my shift because there was no one to take over and if you left there would be a very high chance someone might die - a few phone calls might have been missed, no biggie.

And yes I will carry on and do bank shifts, I do them on my ward to cover shortages as the trust won't pay overtime. Another thing I got in the private sector - overtime rates!

I only came into nursing at the age of 30 so have ample experience of the "harsh" realities of a private sector job. Although I was lucky enough to get full pay when I had to go of sick in the nhs so thats good- however I doubt I would have gone off sick with such high blood pressure had I still been discussing insurance policies in a call centre.

Hence my post about !!!!!!ing off ��

Nurseleavie

That wasn't such a bad swear word! MSE has made it look far worse with the exclamation marks haaa!