Cash pension in?

BrilliantButScary

V3cash said:

Dazed_and_C0nfused said:

V3cash said:

I am working full time now as my daughter is grown so hopefully I can boost it a bit more.
I do understand the contributions the nhs contributes is fantastic so am grateful to have it in place.

That really doesn't impact if though.

You get a pension in accordance with the scheme rules.

Think if it as deferred salary, it's not a pot of money that builds up.

That’s even more confusing as each part has different rules.
I have a 1995 pension and a 2015 part and I think I should have a 2008 part too.( need to check on that )
i really need to talk to a nhs pension advisor i feel 😊

I would sign up to a pre-retirement course if your trust does one, but do it now not nearer the time. You will also find the following link useful. Please check out the NRA (Normal Retirement Age) for each scheme you are in, (1995, 2008 and 2015) as they are different.

https://faq.nhsbsa.nhs.uk/knowledgebase/category/?articlecategory=Pensions Member&id=CAT-01652&parentid=

V3cash

BrilliantButScary said:

V3cash said:

Dazed_and_C0nfused said:

V3cash said:

I am working full time now as my daughter is grown so hopefully I can boost it a bit more.
I do understand the contributions the nhs contributes is fantastic so am grateful to have it in place.

That really doesn't impact if though.

You get a pension in accordance with the scheme rules.

Think if it as deferred salary, it's not a pot of money that builds up.

That’s even more confusing as each part has different rules.
I have a 1995 pension and a 2015 part and I think I should have a 2008 part too.( need to check on that )
i really need to talk to a nhs pension advisor i feel 😊

I would sign up to a pre-retirement course if your trust does one, but do it now not nearer the time. You will also find the following link useful. Please check out the NRA (Normal Retirement Age) for each scheme you are in, (1995, 2008 and 2015) as they are different.

https://faq.nhsbsa.nhs.uk/knowledgebase/category/?articlecategory=Pensions Member&id=CAT-01652&parentid=

Will keep an eye out and definitely will do!
thanks

Moonwolf

If you can find a colleague that understands NHS pensions and you are happy to share you information that will help. I knew very little when I first started asking questions here a few years ago but with a little bit of time and effort I have reached the stage where I get calls from colleagues asking for help and feeling confident enough to try and help on here.  Fortunately on here, when I do get it wrong I will be corrected.

You might not have 2008 if you have continuous service, do you have your Total Reward Statement (TRS) as that tells you what you have?

Your 1995 pension will pay out at 60 and you will get a pension based on your final (or best of the last three years) salary then plus 3x lump sum.  You will have to claim it, but you should as it won't get any better and you will be giving up the money as they only start paying from when you claim.  If you are continuing to work and you have more money than you need then, you can boost your pension by saving that extra money into pension, either additional NHS pension or that small pension of yours, you get tax back on that so for a basic rate taxpayer, each £100 you save is £125.

The complicated bits with the 1995 are that you can choose a bigger lump sum, and there is something called McCloud, which due to the result of a court case about age discrimination means that you can choose to take the pension from the years you worked between 2015 and 2022 in the 1995 pension or the 2015 pension. 

Taking the bigger lump sum is usually a bad idea unless you have something you really need to spend it on or you know you are likely to die in the first 10-15 years of retirement, i.e. before you are 72 but a high number of NHS staff take it.

The McCloud years are more complicated but most people take them in the 1995 pension at 60, but it isn't always better.  If you really can't get your head around it and you can't get advice I would say take them in the 1995 but with your part time history it might not be the best choice.

Your 2015 pension will grow nicely while you add to it.

You should also find out what your state pension will be.

V3cash

Moonwolf said:

If you can find a colleague that understands NHS pensions and you are happy to share you information that will help. I knew very little when I first started asking questions here a few years ago but with a little bit of time and effort I have reached the stage where I get calls from colleagues asking for help and feeling confident enough to try and help on here.  Fortunately on here, when I do get it wrong I will be corrected.

You might not have 2008 if you have continuous service, do you have your Total Reward Statement (TRS) as that tells you what you have?

Your 1995 pension will pay out at 60 and you will get a pension based on your final (or best of the last three years) salary then plus 3x lump sum.  You will have to claim it, but you should as it won't get any better and you will be giving up the money as they only start paying from when you claim.  If you are continuing to work and you have more money than you need then, you can boost your pension by saving that extra money into pension, either additional NHS pension or that small pension of yours, you get tax back on that so for a basic rate taxpayer, each £100 you save is £125.

The complicated bits with the 1995 are that you can choose a bigger lump sum, and there is something called McCloud, which due to the result of a court case about age discrimination means that you can choose to take the pension from the years you worked between 2015 and 2022 in the 1995 pension or the 2015 pension. 

Taking the bigger lump sum is usually a bad idea unless you have something you really need to spend it on or you know you are likely to die in the first 10-15 years of retirement, i.e. before you are 72 but a high number of NHS staff take it.

The McCloud years are more complicated but most people take them in the 1995 pension at 60, but it isn't always better.  If you really can't get your head around it and you can't get advice I would say take them in the 1995 but with your part time history it might not be the best choice.

Your 2015 pension will grow nicely while you add to it.

You should also find out what your state pension will be.

That is really useful information thanks and it’s helpful to know , unfortunately i have not yet come across a fellow colleague who understands the Nhs pension but it’s useful to know about the 2008 pension and it looks like mine was added to 1995 years as when I look at my 2015 statement it runs from 2022.I honestly can’t remember opting for that though???
I’m presently saving and we should get a small inheritance so hopefully i wont need to take lump sum as i think my pension needs the boost. However life happens and who knows what my health will look like at 60..
RE: state pension,
I have checked on government gateway and I should get full state pension as I was self employed for 15 years and I always paid national insurance contributions.
Does having an nhs pension affect this?

Moonwolf

V3cash said:

I have checked on government gateway and I should get full state pension as I was self employed for 15 years and I always paid national insurance contributions.
Does having an nhs pension affect this?

Technically the NHS pension might have meant you hadn't paid enough stamp a few years ago (the NHS pension was contracted out) but in general if you have worked and/or claimed child benefit it doesn't make a big difference and it certainly hasn't made a difference since the new pension came in.

If it looks like you won't have enough state pension years by the time you want to retire then it might be worth topping up, particularly if you have cheap years.  This is a good explanation of that. https://www.youtube.com/watch?v=Al8G7_jf-k4

V3cash

Moonwolf said:

V3cash said:

I have checked on government gateway and I should get full state pension as I was self employed for 15 years and I always paid national insurance contributions.
Does having an nhs pension affect this?

Technically the NHS pension might have meant you hadn't paid enough stamp a few years ago (the NHS pension was contracted out) but in general if you have worked and/or claimed child benefit it doesn't make a big difference and it certainly hasn't made a difference since the new pension came in.

If it looks like you won't have enough state pension years by the time you want to retire then it might be worth topping up, particularly if you have cheap years.  This is a good explanation of that. https://www.youtube.com/watch?v=Al8G7_jf-k4

Hi, thanks i have logged on the government gateway and it says I don’t need to pay any additional years. I’m assuming as it’s linked to my records it’s correct?

QrizB

V3cash said:

Hi, thanks i have logged on the government gateway and it says I don’t need to pay any additional years. I’m assuming as it’s linked to my records it’s correct?

Did is it say, specifically:

"You cannot improve your forecast any more"?

Or did it say something else?

V3cash

Yup exactly that
and it looks like I just need to pay one more year to be entitled as it said I need to keep contributing but only for 1 more year.

molerat

And there should also be "You've been in a contracted-out pension scheme" below that, important to the accuracy of your forecast that it has that statement.

V3cash

molerat said:

And there should also be "You've been in a contracted-out pension scheme" below that, important to the accuracy of your forecast that it has that statement.

No it doesn’t have that anywhere, I will write to the pension department to see if I can clarify if my pension was one of those, I believe after 2016 non of the nhs pensions were opted out.