Opt out of NHS pension

fy12019

Thanks everyone for your replies. The plans are pretty concrete, I will move over after 2 years. It makes sense now that if I leave before 2 years it is refunded, if I leave after, I have a pension sitting there in the UK waiting for me.

So in essence, 2 years of work now, with some income being taken out to be put towards my pension (say 120 pounds a month * 24 months = 2880 pounds) of income forfeited would lead to a annual pension for me of approximately 1000 pounds from 55. Putting it like that, it is definitely better to stay in. Thank you everyone for your replies, much appreciated!

Silvertabby

fy12019 wrote: »

Thanks everyone for your replies. The plans are pretty concrete, I will move over after 2 years. It makes sense now that if I leave before 2 years it is refunded, if I leave after, I have a pension sitting there in the UK waiting for me.

So in essence, 2 years of work now, with some income being taken out to be put towards my pension (say 120 pounds a month * 24 months = 2880 pounds) of income forfeited would lead to a annual pension for me of approximately 1000 pounds from 55. Putting it like that, it is definitely better to stay in. Thank you everyone for your replies, much appreciated!

No, just over £1000 (plus cost of living increases) from your normal retirement age of 67 (?). You can take if from 55, but it would be reduced for early payment. It's still a good deal, though.

fy12019

@ Silvertabby - if it wasn't for people like you, people like me would be very confused regarding pensions! Thanks so much, and yes I agree its an amazing deal, 3000 pounds in, possibly 20000 pounds out if you live 20 years post retirement.

Dazed_and_confused

And of course if you don't pay that £3000 in the first place you would likely pay £600 extra tax to boot.

zagubov

Not trying to derail the thread, did you have a student loan, and have you investigated how repayment is dealt with in Australia?

They have a similar scheme and have plenty of doctors from here so they'll be familiar with the repayment system.
That might be an extra 9% of your income above a certain threshold, on top of the bigger pension contributions you need to make in Australia.
Plus you don't want to get stung with a massive bill when /if you return.