NHS Bank and pension

buyhighselllow

Hi
I have taken my NHS pension but intend to do some Bank work maybe 2 days a week until Christmas, unsure about after that. Are Bank workers automatically deducted NHS pension ? I cannot see any point in making further contributions for what only may be a few months..I assume I would be better off with taking the extra salary if this was an option ?

TIA

la531983

buyhighselllow said:

Hi
I have taken my NHS pension but intend to do some Bank work maybe 2 days a week until Christmas, unsure about after that. Are Bank workers automatically deducted NHS pension ? I cannot see any point in making further contributions for what only may be a few months..I assume I would be better off with taking the extra salary if this was an option ?

TIA

No you wont be deducted pension for continuing to work elsewhere. And there no requirement to pay into whatever pension the bank are offering you (which will be nowhere near as good as a NHS one btw).

Flugelhorn

la531983 said:

buyhighselllow said:

Hi
I have taken my NHS pension but intend to do some Bank work maybe 2 days a week until Christmas, unsure about after that. Are Bank workers automatically deducted NHS pension ? I cannot see any point in making further contributions for what only may be a few months..I assume I would be better off with taking the extra salary if this was an option ?

TIA

No you wont be deducted pension for continuing to work elsewhere. And there no requirement to pay into whatever pension the bank are offering you (which will be nowhere near as good as a NHS one btw).

I take it the bank work is for the NHS - I worked after I took my NHS pension and payroll / HR were very well aware that I could not be enrolled in the scheme again (though I think it can vary with differing sections of the scheme). Just tell them you want to opt out if asked

la531983

Flugelhorn said:

I take it the bank work is for the NHS

Maybe, he didnt make that clear. But yes its easy to opt out as you say. 

Assumed he meant bank work as working in a bank, but now I see the double meaning 

buyhighselllow

Yes Bank work is NHS

Pat38493

la531983 said:

Flugelhorn said:

I take it the bank work is for the NHS

Maybe, he didnt make that clear. But yes its easy to opt out as you say. 

Assumed he meant bank work as working in a bank, but now I see the double meaning 

Yes bank work in the NHS means that you made yourself available for cover shifts for other staff who are sick / holiday or whatever.

My guess is that you would need to tell them you want to opt out otherwise they will enrol you back into the current NHS scheme.

MX5huggy

Since April you have been able to rejoin the NHS 2015 scheme after taking NHS pensions. 

I don’t see that there is any reason not to do this even if you earn just a few thousand you’ll get the benefit of the pension for all the subsequent years. 

https://www.nhsbsa.nhs.uk/nhs-pension-scheme-access-guidance-retire-and-re-join#:~:text=Members%20of%20the%201995%20Section,if%20they%20return%20to%20work.

buyhighselllow

MX5huggy said:

Since April you have been able to rejoin the NHS 2015 scheme after taking NHS pensions. 

I don’t see that there is any reason not to do this even if you earn just a few thousand you’ll get the benefit of the pension for all the subsequent years. 

https://www.nhsbsa.nhs.uk/nhs-pension-scheme-access-guidance-retire-and-re-join#:~:text=Members%20of%20the%201995%20Section,if%20they%20return%20to%20work.

I was aware of this but not sure its applicable to me. I've just taken a mixture of (1995 and 2015 pension, early retirement) and will hopefully have a McCloud legacy decision to make in the coming months. 

Dazed_and_C0nfused

Even if you don't want to rejoin the NHS DB scheme there might be an option to join a DC scheme which could involve some employer contributions from the NHS.

Free money is always a nice bonus 😉

nigelbb

Why on earth would you not want to earn NHS pension? It accumulates at 1/54 ie if you earn £54 you will receive £1 of pension every year for the rest of your life. Life expectancy at pension age is around twenty years so for each £54 you earn you will receive a total index linked pension of about £20 or getting on for an an extra 40%.

buyhighselllow

nigelbb said:

Why on earth would you not want to earn NHS pension? It accumulates at 1/54 ie if you earn £54 you will receive £1 of pension every year for the rest of your life. Life expectancy at pension age is around twenty years so for each £54 you earn you will receive a total index linked pension of about £20 or getting on for an an extra 40%.

I guess I hadn't really thought about it as I wasn't sure if I was going back to work on the bank. And having taken my full pension ( early) I didn't realise I could pay back into the 2015 from afresh. I think I need to clarify what is allowed and how payroll instigate it before I start getting paid again. Depending on my Mccloud options I will already be taking some pension from my 2015 pension contributions. Can I restart into the 2015 scheme without affecting what I am already receiving from this part of my pension ??