Pension

20122013

I am in the process of switching all my SW funds from 0.8% to  4- 5 funds at 0.1% fee, is the 0.35% SW admin fee  reasonable?

If not, I will need to sell down into cash first, due to current market, my pension valuation has dropped , does that mean I will make  a loss when I sell down to cash and then repurchase other funds or does it not matter as I will be buying funds in 12 weeks time ??

Hoenir

20122013 said:

May I ask 'the general consensus is that your pension pot would roughly double every 10 years.'  Does this include index trackers?

Inflation is the unknown factor. %'s alone in terms of returns are therefore meaningless. Returns don't track inflation either. Might be a good 10 year period, an indifferent one or the decade that underperfoms. 

20122013

I have been reading some posts about future planning to see whether it is possible to work out how long my money will lasts

Pension (NHS)

I have found out that my £3000 (?) NHS pension contribution was never been paid into the NHS Pension scheme but frozen, as I was 3- 4-months short to join.  The options I am aware of :

1/ I can try and apply for a refund
or
2/ if I want to join the NHS  pension scheme I need to be hired back by the NHS within 2 years  (as I had left the NHS approx 3 years ago). The roles I will be applying have gross pay around £25 - £32K (shift work pattern 7-am - 7pm rotation and weekend )  If the most efficient way to increase my retirement funds by reapplying to the NHS then I will do it and will it be worth making the maximum pension contribution then I will do it. (as I doubt I will be over the tax limit when it comes to withdrawing my pension)

However, as it is £3000 (small amount in the scheme of things) with the NHS,  I can possibly try and get a refund. I am wondering whether there are better options elsewhere outside of NHS  eg better pay / employers pension contributions.  

I have 2 years spending money, and I should have more funds (taxable) due in the next 12 - 18 months,  which I plan to live off the interests (3% I hope) and  leave the rest invested for 15 years / as long as possible including S&S ISA, SW pension and cash ISA. I

My questions:

Current spend is £30Kpa

- Worth applying back to NHS? to build up my pension?  or getting a paid job - are there things I have not thought of if I get back to paid work ?

- Is it realistic to live off the interests and / start spending my money as I cannot be  sure whether it will lasts 40 years,

Dazed_and_C0nfused

20122013 said:

I have been reading some posts about future planning to see whether it is possible to work out how long my money will lasts (my spending is the leanest as I can go,  I envy those who can trim back after they have stopped working)

Pension (NHS)

Last month, I have found out that my £3000 (?) NHS pension contribution has been frozen and had never been paid into the NHS Pension scheme, as I was 3- 4-months short to join. The options I am aware of :

1/ I can try and apply for a refund
or
2/ if I want to join the NHS  pension scheme I need to be hired back by the NHS within 2 years  (as I had left the NHS approx 3 years ago).

The jobs I will be looking at have gross pay around £25 - £32K (shift work pattern 7-am - 7pm rotation and weekend )  If the most efficient way to increase my retirement funds by reapplying to the NHS then I will do it and if it all goes well, and worth making the maximum pension contribution then I will do it.

However, as it is £3000 (small amount in the scheme of things) with the NHS,  I can possibly try and get a refund. I am wondering whether there are better options elsewhere outside of NHS  eg better pay / employers pension contributions.  

I have 2 years spending money, and I should have more funds (taxable) due in the next 12 - 18 months,  which I plan to live off the interests (3% I hope) and  leave the rest invested for 15 years / as long as possible including S&S ISA, SW pension and cash ISA. I

My questions:

Current spend is £30Kpa

- Worth applying back to NHS? to build up my pension?  or getting a paid job - are there things I have not thought of if I get back to paid work ?

- Is it realistic to live off the interests and / start spending my money as I cannot be  sure whether it will lasts 40 years,

Getting a refund is likely to be the worst possible option.  It will have tax deducted.  Which can not be refunded whatever your circumstances are.

Is there not an option to transfer to a separate DC pension?  That way you usually get a transfer value equal to the total of yours and your employer contributions, which would almost certainly be significantly more than a refund.

Silvertabby

Dazed_and_C0nfused said:

20122013 said:

I have been reading some posts about future planning to see whether it is possible to work out how long my money will lasts (my spending is the leanest as I can go,  I envy those who can trim back after they have stopped working)

Pension (NHS)

Last month, I have found out that my £3000 (?) NHS pension contribution has been frozen and had never been paid into the NHS Pension scheme, as I was 3- 4-months short to join. The options I am aware of :

1/ I can try and apply for a refund
or
2/ if I want to join the NHS  pension scheme I need to be hired back by the NHS within 2 years  (as I had left the NHS approx 3 years ago).

The jobs I will be looking at have gross pay around £25 - £32K (shift work pattern 7-am - 7pm rotation and weekend )  If the most efficient way to increase my retirement funds by reapplying to the NHS then I will do it and if it all goes well, and worth making the maximum pension contribution then I will do it.

However, as it is £3000 (small amount in the scheme of things) with the NHS,  I can possibly try and get a refund. I am wondering whether there are better options elsewhere outside of NHS  eg better pay / employers pension contributions.  

I have 2 years spending money, and I should have more funds (taxable) due in the next 12 - 18 months,  which I plan to live off the interests (3% I hope) and  leave the rest invested for 15 years / as long as possible including S&S ISA, SW pension and cash ISA. I

My questions:

Current spend is £30Kpa

- Worth applying back to NHS? to build up my pension?  or getting a paid job - are there things I have not thought of if I get back to paid work ?

- Is it realistic to live off the interests and / start spending my money as I cannot be  sure whether it will lasts 40 years,

Getting a refund is likely to be the worst possible option.  It will have tax deducted.  Which can not be refunded whatever your circumstances are.

Is there not an option to transfer to a separate DC pension?  That way you usually get a transfer value equal to the total of yours and your employer contributions, which would almost certainly be significantly more than a refund.

Taking a refund is indeed a truly bad idea.  You would only receive your own contributions (less 20% tax) and your (much higher) employer's contributions would be forfeit.

Unfortunately, it looks like the NHS have a 12 month limit on transfers out, so your only choice would be between the refund and re-joining the NHS.

20122013

Dazed_and_C0nfused said:

Getting a refund is likely to be the worst possible option.  It will have tax deducted.  Which can not be refunded whatever your circumstances are.

Is there not an option to transfer to a separate DC pension?  That way you usually get a transfer value equal to the total of yours and your employer contributions, which would almost certainly be significantly more than a refund.

I have not thought about the possibility of transferring out - I will email the NHS Pension team again (as they keep referring my to some FAQ website) and gave me the impression that I do not have a pension as I have not joined their scheme, I want to check with this Forum before asking the NHS, whether I am entitled to the NHS employers contribution even though I was not able to join their scheme?

20122013

Silvertabby said:

Taking a refund is indeed a truly bad idea.  You would only receive your own contributions (less 20% tax) and your (much higher) employer's contributions would be forfeit.

Unfortunately, it looks like the NHS have a 12 month limit on transfers out, so your only choice would be between the refund and re-joining the NHS.

That is a shame  about the 12 months transfer out window. I wonder why I had not receive these information until I got in touch with them.  I think I will rejoin the NHS even as a bank staff with I can still get a pension with them. 

20122013

Email from  NHS pension reads: '

Your membership will be linked together if you have not had a break in pensionable membership of 5 years or more.
f it is more than 5 years you need to take the previous contributions as a refund.

Read more information about MHO on our online Knowledge Base.'

https://www.nhsbsa.nhs.uk/nhs-pensions'

My question is whether I have a membership?

Silvertabby

20122013 said:

Email from  NHS pension reads: '

Your membership will be linked together if you have not had a break in pensionable membership of 5 years or more.
f it is more than 5 years you need to take the previous contributions as a refund.

Read more information about MHO on our online Knowledge Base.'

https://www.nhsbsa.nhs.uk/nhs-pensions'

My question is whether I have a membership?

Yes, you have a membership.  But what you don't have are actual pension rights, as your membership was for less than the two year vesting period needed to qualify for a deferred pension.

20122013

As mentioned above, I was a few months short to be eligible to become a NHS pension member.  

The £2713.77 I have contributed  to the NHS Pension Scheme had never been invested  My option are 

1. get a taxable refund or

2. find employment with the NHS within the next 12 months so I can carry the contribution. 

I would not mind working again but unsure whether it is worth working for the NHS for the pension, as I do not understand how pension works. The NHS role I will be applying for will pay about £26000 (to £300000 pa (net)

I had emailed the NHS Pension team about  what is the maximum pension contribution in percentage to my salary I and the NHS can / will make, please?'and their replied :

' All members of the NHS Pension Scheme pay a set contribution towards your pension based on your actual annual gross pensionable pay.

 

If you work part-time, you may pay less as your contribution rate will be based on how much you're paid each year. 

https://www.nhsbsa.nhs.uk/member-hub/cost-being-scheme'

I am unsure how to work out the pension contribution (as I have read other posts that it is taxable or something, my pension value including my SW is less than £100K), welcome your thoughts