Is it worth paying into my NHS pension during bank shifts for a different Trust?

RMLHV

I work full time for one NHS Trust and pay into my NHS pension, 9.3%.

I occasionally do bank shifts with another Trust and was auto-enrolled onto the pensions scheme with them and pay 9.3% from my income from there as well which is quite the chunk really when I only do 1-2 shifts with them a month.

Is it actually worth being enrolled in with my bank shifts at all? I do that to keep my skills up as my full time job is non-clinical but also for the additional spending money as I am on a tight budget with my normal income so this allows a little bit of extra saving and spending money a month so its a bit frustrating to see the extra money going into my pension when I'm not sure its actually worth it if I'm already contributing the full amount to my pension from a full time salary.

I'd appreciate your advice and opinions.

Thank you

  

Dazed_and_C0nfused

Will you accrue pension from your bank job?

If so then its no doubt a good (great) use of that 9.3%.

If not then maybe ask NHS payroll why it is being deducted?

RMLHV

Well its all the NHS so its lumped together, not a sperate pension.

TVAS

You are asking the wrong question. 

Why don't you ask for a projection of benefits at retirement age including the bank !!!!!! contributions.

You say 9/3% is the full amount.

The maximum amount you can contribution to a pension is 40k p.a. if your salary is 40k or more p.a. if you are not able to do the maximum 45 years pension scheme membership you will not get the maximum pension.

nigelbb

They should not be deducting NHS pension contributions from your Bank job. You cannot contribute to the NHS pension above your basic salary so just as overtime earnings are not pensionable if you are working full time in one Trust you should have informed the other Trust & they will enrol you in the NEST pension scheme (this is vastly inferior to the NHS pension & you can opt out but then you are waving goodbye to the 3% employer's contribution). If you were able to contribute to the NHS pension from your Bank job it's worth around 40% of your pay index linked paid in retirement.

I know all this from bitter experience of moving to a job with a new Trust but continuing to do a lot of Bank work for my old Trust. At the end of the tax year I couldn't understand why my pension contributions from my Bank job weren't appearing in my NHS pension forecast. I contacted NHS Pensions & did some digging & discovered that instead of accumulating pension at 1/54 of my Bank salary as I thought & potentially worth thousands in retirement all that I was entitled to was a pitiful contribution to NEST.