NHS Pension Advice

Shane22

Have been searching for months to find someone able to give advice on my HS Pension, with no success.
Want to know what are my options, what income each would give and what the future financial impact would be?
Nearly 60, got full State pension contributions and a small NHS pension. I am in full time employment in an NHS trust.
Nowhere seems to offer personal advice, not the NHS not anyone
Please can anyone advise where I can get some advice not costing the earth/
Thanks

NlghtOwl

Personal advice will cost. I suggest it is very hard (and almost negligent ) for someone to advise on a single issue without looking at all your finances and overall retirement plan. Otherwise how would they know what the right answer is.  That time and knowledge has a cost I’m afraid. Good luck.

Flugelhorn

re the NHS pension -there isn't that much to it - the TRS tells you what it is worth and how much you will get - or have you got mixed membership eg 2008/15 + some 1995 maybe?

Sarahspangles

Have you visited the NHSBSA website?  There is an excel spreadsheet on there to use to estimate your early retirement pension.  You need your Total Reward Statement information to use this, and that’s only updated annually, but it gives you an start.

Shane22

Flugelhorn said:

re the NHS pension -there isn't that much to it - the TRS tells you what it is worth and how much you will get - or have you got mixed membership eg 2008/15 + some 1995 maybe?

Just in 2015 scheme

Shane22

Sarahspangles said:

Have you visited the NHSBSA website?  There is an excel spreadsheet on there to use to estimate your early retirement pension.  You need your Total Reward Statement information to use this, and that’s only updated annually, but it gives you an start.

The spreadshhet sounds great I will look for it, I didn't find it previously when to looked at the NHSBSA site

Flugelhorn

Shane22 said:

Flugelhorn said:

re the NHS pension -there isn't that much to it - the TRS tells you what it is worth and how much you will get - or have you got mixed membership eg 2008/15 + some 1995 maybe?

Just in 2015 scheme

should be fairly straightforward to work out how much you will get at pension age - can also calculate how much you lose if you take it early 

Shane22

Shane22 said:

Sarahspangles said:

Have you visited the NHSBSA website?  There is an excel spreadsheet on there to use to estimate your early retirement pension.  You need your Total Reward Statement information to use this, and that’s only updated annually, but it gives you an start.

The spreadshhet sounds great I will look for it, I didn't find it previously when to looked at the NHSBSA site

Shane22 said:

Sarahspangles said:

Have you visited the NHSBSA website?  There is an excel spreadsheet on there to use to estimate your early retirement pension.  You need your Total Reward Statement information to use this, and that’s only updated annually, but it gives you an start.

The spreadshhet sounds great I will look for it, I didn't find it previously when to looked at the NHSBSA site

Found it and thank you just what I needed. Do you know if the Retirement Pension figure it gives you is subject to Tax, or this that amount what I would get in my pocket? Thanks

Albermarle

All pension figures, NHS, personal pension, state pensions etc are all quoted before tax .
How much tax you pay will depend on your overall taxable income from all sources,
So everybody will be a bit different.
When pension payments first start you may find you are overtaxed to begin with, but it should soon correct itself.

AlanP_2

I'm not an NHS pension expert but I can't imagine that a generic Excel spreadsheet knows enough about you, your overall income situation, personal tax allowance and / or HMRC tax rules to calculate an after tax figure for you 🙂.

Pension income is taxable income so you will need to work out take home yourself I would think.

Nelliegrace

Do check what your State pension will be @Shane22 Not just how many years but how much pension you will receive. I had 41 years contributions but found out a few weeks ago that my state pension was less that I had expected.