Work Pension Top up

brackenbrodie1

Hi
I currently work as a Nurse in the NHS. I came to nursing late, so I only have 13yrs pension. I am 58yrs old and intend to retire at 60.
Knowing that I wll take approx 30% hit for drawing my pension early, would it be worth paying extra contributions to my pension for the next 2yrs before retirement. I could afford around £250 per month.
Thanks for any advice offered

Dazed_and_C0nfused

brackenbrodie1 said:

Hi
I currently work as a Nurse in the NHS. I came to nursing late, so I only have 13yrs pension. I am 58yrs old and intend to retire at 60.
Knowing that I wll take approx 30% hit for drawing my pension early, would it be worth paying extra contributions to my pension for the next 2yrs before retirement. I could afford around £250 per month.
Thanks for any advice offered

Do you mean buying extra defined benefit entitlement in the 2015 NHS scheme or adding to a separate defined contribution pot?

If the former there is some information here,

https://www.nhsbsa.nhs.uk/member-hub/increasing-your-pension/additional-pension

JoeCrystal

How so? Do you mean making a separate contribution to AVCs with the provider? Or do you mean Additional Pension, in which you can buy additional pension monthly or make a one-off lump sum?

https://www.nhsbsa.nhs.uk/member-hub/increasing-your-pension/additional-pension

There are several options available to you.

brackenbrodie1

Thanks for the replies
What I meant was "Can I make extra contributions to my existing NHS Pension, and if so would it be worth it?" (Taking the original details into consideration)

I will read through the links posted. Thanks again