Is £300 plus VAT about right for a pension input amount approximate calculation?

stoozie1

Or should I ring around more firms?

Thanks

NoMore

why do you have to pay,? your pension company should just provide it for you for free.

jsinc

You mean for a DB scheme? The scheme administrators should be able to provide your annual PIA figures.

stoozie1

Sorry this is a guesstimate figure for 2019/20, the NHSBSA will only supply it in the November after that financial year.

Thanks though both

NoMore

Well I wouldn't pay £300 (especially for a approximation), its a simple calculation as long as you have all the necessary details.

https://www.nhsbsa.nhs.uk/sites/default/files/2017-07/Process%20for%20calculating%20the%20Annual%20Allowance%20%28V3%29%2007.2017.pdf

nigelbb

NoMore wrote: »

Well I wouldn't pay £300 (especially for a approximation), its a simple calculation as long as you have all the necessary details.

https://www.nhsbsa.nhs.uk/sites/default/files/2017-07/Process%20for%20calculating%20the%20Annual%20Allowance%20%28V3%29%2007.2017.pdf

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The requested page could not be found.

NoMore

nigelbb wrote: »

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The requested page could not be found.

Huh weird, worked earlier.

try this

https://www.nhsbsa.nhs.uk/sites/default/files/2018-10/Pensions-Saving-Statement-Guide-V1-102018-book.pdf

Page 10

zagfles

nigelbb wrote: »

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The requested page could not be found.

The forum software sometimes adds a space to long URLs, copy and remove the space (browser may replace with %20 if you paste into the browser address) then it works.

jsinc

stoozie1 wrote: »

Sorry this is a guesstimate figure for 2019/20, the NHSBSA will only supply it in the November after that financial year.

Thanks though both

Do you mean 2018/19? They may be able to provide that now if you ask directly (at least I know the LGPS can). If you do you mean 2019/20 then it's the process outlined in NoMore's link, but you'll have to work from an estimate for this year's pensionable pay to calculate annual pension value to compare with 2018/19.

nigelbb

stoozie1 wrote: »

Sorry this is a guesstimate figure for 2019/20, the NHSBSA will only supply it in the November after that financial year.

Thanks though both

NHSBA will provide you with a pension estimate at any time.

A rough & ready way to calculate the pension input amount is to compare the pension today with the pension 12 months ago & assuming that your salary hasn't changed much just multiply by sixteen.

As NHS pension accrual is 1/54 of salary an alternative rough & ready calculation for the pension input amount again assuming that your salary hasn't changed much in the past year is to take your salary & divide by 54 then multiply by 16.

Either method will overestimate as it takes no allowance for CPI increases but that's only a few percent.