NHS Pension - Starting at Aged 49 - Is it Worth It?

nigelbb

RiffRAF said:

gary83 said:

Tooskint said:

I am not saying dont but you already have paid into pension for 28 years so maybe get them to do an analysis of what you might get back.  If you only part time it might not be that great as you will have to work longer to get complete years.  Also would you not want to pay towards any debts, mortgage or go on holiday first.  I work for nhs by the way.
 

But the op hasn’t spent 28 years paying into a pension, it was a military non contribution defined benefit pension. After 28 years service it will have already paid out a pretty significant lump sum along with an immediate pension going forward, that’s probably why the OP is in the position to be working part time. He’s probably also in a better position than most to take advantage of whatever free money he can in the way of a pension going forward.

It’s worth looking into properly for the OP & not just discounting the thought of a pension because they’re 49. I can’t help thinking if HR don’t understand pensions what hope is there for the rest of us?

As HR it’s always easy to dish out advice and guidance, sometimes you just need to ask the same questions. 
I just wasn’t sure if paying into a 2nd pension, based on part time hours, and probably paying into it for no more than 10 years would be worth it, especially when I’ve already got an annual pension that just exceeds the basic tax code. If the smaller 2nd pension is going to be heavily taxed, it may be better to save the monthly pension contribution.

That makes no sense at all even if it were to be taxed at 40% rather than 20% you still keep 60p in every pound as opposed to 80p in every pound.
As I already pointed out your NHS pension is worth around another 40% on top of your salary.

Dazed_and_C0nfused

And if you are concerned about tax why would you put your hand up to pay more tax than you need to now?

Plenty of people would bite your hand off to have the chance to join a pension scheme like the NHS one.

Andy_L

Dazed_and_C0nfused said:

Plenty of people would bite your hand off to have the chance to join a pension scheme like the NHS one.

Well it's quite easy to join if they're that keen on the pension
https://www.jobs.nhs.uk/

crv1963

RiffRAF said:

gary83 said:

Tooskint said:

I am not saying dont but you already have paid into pension for 28 years so maybe get them to do an analysis of what you might get back.  If you only part time it might not be that great as you will have to work longer to get complete years.  Also would you not want to pay towards any debts, mortgage or go on holiday first.  I work for nhs by the way.
 

But the op hasn’t spent 28 years paying into a pension, it was a military non contribution defined benefit pension. After 28 years service it will have already paid out a pretty significant lump sum along with an immediate pension going forward, that’s probably why the OP is in the position to be working part time. He’s probably also in a better position than most to take advantage of whatever free money he can in the way of a pension going forward.

It’s worth looking into properly for the OP & not just discounting the thought of a pension because they’re 49. I can’t help thinking if HR don’t understand pensions what hope is there for the rest of us?

As HR it’s always easy to dish out advice and guidance, sometimes you just need to ask the same questions. 
I just wasn’t sure if paying into a 2nd pension, based on part time hours, and probably paying into it for no more than 10 years would be worth it, especially when I’ve already got an annual pension that just exceeds the basic tax code. If the smaller 2nd pension is going to be heavily taxed, it may be better to save the monthly pension contribution.

It'll be worth it! You only get taxed on what you have coming in, 10 years part time isn't going to bring a huge pension but every little helps! Pension is simply deferred salary, the employer contribution alone is larger than yours so why give up that part of your salary?
Having three sources of income - Forces Pension, NHS Pension and then state pension will be welcomed by your older self. As will the Survivor Pensions should you pre-decease your spouse (if there is one). Then there are the other benefits such as ill health pension and death in service. You cannot get the level of cover from sticking a few pounds a month that it will cost you into a savings account!

Silvertabby

RiffRAF - if you are still undecided, then consider that I'm a retired (22 years plus) Sgt Pers Admin, and a retired LGPS pensions administrator.  I jumped at the chance of joining the LGPS when I joined Local Government and have never regretted it.  

atush

RiffRAF said:

Hi
I left the Armed Forces after almost 28 years with an immediate pension, which is a combination of AFPS75 and AFPS15. I'm due to start a part-time HR role at a local medical practice, and just wondered if it's actually worth enrolling onto the NHS pension scheme at age 49.

Any advice or guidance gratefully received.

you'd be stupid not to join, no brainer

badmemory

Rearrange the popular words & phrases:-

Hands their off snatch!

Dazed_and_C0nfused

Duplicate post

Dazed_and_C0nfused

badmemory said:

Rearrange the popular words & phrases:-

Hands their off snatch!

Good job you didn't get the middle two mixed up