NHS pension transfer or withdraw cash

Cheese1990

MFW2026 said:

If she looks on her total rewards statement it should give her her the current value of pension for 2020-2021 section standard benefits. 

This is her guaranteed annual pension Presently 

eg 

Pension	£1,910.66
Lump Sum	-
Adult Dependant Pension	£644.85
Hypothetical Annuity Cost	£95,533.00

Based on this figure assuming that is 2 years service your wife must be in the band 7/8a pay range. So assuming over the next 11 years the NHS pay is frozen for a worse case scenario on retirement she would have a pension of approx 12.5k in today's terms per year to match that in a SIPP for just 15 years post retirement you would need 375k meaning you'd need to contribute 25/30k a year dependent on growth and if you live past 15 years you could have a small/non existent pot left and you hold all the risk. Take the pension from the NHS and run 

Dazed_and_C0nfused

Cheese1990 said:

MFW2026 said:

If she looks on her total rewards statement it should give her her the current value of pension for 2020-2021 section standard benefits. 

This is her guaranteed annual pension Presently 

eg 

Pension	£1,910.66
Lump Sum	-
Adult Dependant Pension	£644.85
Hypothetical Annuity Cost	£95,533.00

Based on this figure assuming that is 2 years service your wife must be in the band 7/8a pay range. So assuming over the next 11 years the NHS pay is frozen for a worse case scenario on retirement she would have a pension of approx 12.5k in today's terms per year to match that in a SIPP for just 15 years post retirement you would need 375k meaning you'd need to contribute 25/30k a year dependent on growth and if you live past 15 years you could have a small/non existent pot left and you hold all the risk. Take the pension from the NHS and run 

I think that was just an example, not the op's wife's actual NHS pension.

Op mentioned her paying 6% so much lower grade I think.

Silvertabby

Dazed_and_C0nfused said:

Cheese1990 said:

MFW2026 said:

If she looks on her total rewards statement it should give her her the current value of pension for 2020-2021 section standard benefits. 

This is her guaranteed annual pension Presently 

eg 

Pension	£1,910.66
Lump Sum	-
Adult Dependant Pension	£644.85
Hypothetical Annuity Cost	£95,533.00

Based on this figure assuming that is 2 years service your wife must be in the band 7/8a pay range. So assuming over the next 11 years the NHS pay is frozen for a worse case scenario on retirement she would have a pension of approx 12.5k in today's terms per year to match that in a SIPP for just 15 years post retirement you would need 375k meaning you'd need to contribute 25/30k a year dependent on growth and if you live past 15 years you could have a small/non existent pot left and you hold all the risk. Take the pension from the NHS and run 

I think that was just an example, not the op's wife's actual NHS pension.

Op mentioned her paying 6% so much lower grade I think.

Very much in the dark without OP's wife's salary.

In the meantime, even £20K per year over 13 years will give her an annual pension of  £5K.  Will actually be much more, as salary increases (higher 1/54th)  and annual revaluations will be added to that.