nhs pension??

dorry_2

hi,

I am 44 and have worked since 1981, but I have had various jobs owing to being a single parent and having to juggle where ever i could!!

I have only ever contributed into 5 years (at 30 hours a week ) into a local government pension scheme.

I also have 6 months contributions to nhs pension from 2005, I did some bank work as a nurse, so signed up for the scheme as I knew they were changes the retirement ages in 2006.

I have now just applied for a permant nurse's job, that has a nhs pension with it. If I get it:

Should i transfer the lpgs 5 years into nhs fund??

Bearing in mind my age, should i buy extra years and does anyone know how much they are??

if i don't buy extra years if I only have 20 years contributions at £25,000 per year, how much approx would I get?? just a very rough idea as I have a feeling it won't be much and I am starting to panic and think I have gotta look at other options:rolleyes:

I want to retire at 60, then work doing bank shifts or similar??


I know its sounds complicated, I would really appreciate any advice at all

thanks in advance

ps. I have paid ni contribtions since 1981 and will have 30 years in, hopefully in 3 years time!

Ian_W

Noticed no-one has responded so this should bump your post at least - don't have a lot of time but a few comments below:

dorry wrote: »

I have only ever contributed into 5 years (at 30 hours a week ) into a local government pension scheme.

I also have 6 months contributions to nhs pension from 2005, I did some bank work as a nurse, so signed up for the scheme as I knew they were changes the retirement ages in 2006.

I have now just applied for a permant nurse's job, that has a nhs pension with it. If I get it:

Should i transfer the lpgs 5 years into nhs fund??
Probably as it will be uprated by pay increases rather than RPI [tend to do better over the longer term though not recently in public sector] plus any promotions etc. Ask for a transfer value when you get the job.
Bearing in mind my age, should i buy extra years and does anyone know how much they are??
Don't think you can. IIRC buying added years ceased on 31/3/08 if you han't asked by then but you will be able to buy an added amount, eg £5K extra pension.
if i don't buy extra years if I only have 20 years contributions at £25,000 per year, how much approx would I get?? just a very rough idea as I have a feeling it won't be much and I am starting to panic and think I have gotta look at other options:rolleyes:
Very roughly about a quarter of your final salary but with a lump as well.
I want to retire at 60, then work doing bank shifts or similar??

ps. I have paid ni contribtions since 1981 and will have 30 years in, hopefully in 3 years time!
Well that will give you a full state pension but you may well have a second state pension from when you weren't in opted out schemes - contact the pension service later in the year for a forecast.

Hope that helps.

Andy_L

As Ian said its probably best to transfer your LGPS pension in but you need to get the transfer quote to be sure.

The new NHS scheme provides 1/60th of final(ish) salary per year of service at age 65. ie with 20 years you'd get 20/60ths or 1/3rd as a pension. Some of this can be traded in for a lump sum.
The previous scheme, which you might be eligible to join as a result of your previous service, gives 1/80ths of final(ish) salary plus a lump sum of 3 years pension at age 60.

Assuming you're in England/Wales this is the scheme website.
http://www.nhspa.gov.uk/nhspa_site/index.htm

dorry_2

Ian_W wrote: »

Noticed no-one has responded so this should bump your post at least - don't have a lot of time but a few comments below:

Hope that helps.

Ian, thank you very much for your reply. You have made so much clearer for me. I have rang the pension service and have 26 full years in,as far as 2004/5!! I asked about the additional pension and they didn't really explain it very well, so will dig further on that one:D

again many thanks :A

dorry_2

Andy_L wrote: »

As Ian said its probably best to transfer your LGPS pension in but you need to get the transfer quote to be sure.

The new NHS scheme provides 1/60th of final(ish) salary per year of service at age 65. ie with 20 years you'd get 20/60ths or 1/3rd as a pension. Some of this can be traded in for a lump sum.
The previous scheme, which you might be eligible to join as a result of your previous service, gives 1/80ths of final(ish) salary plus a lump sum of 3 years pension at age 60.

Assuming you're in England/Wales this is the scheme website.
http://www.nhspa.gov.uk/nhspa_site/index.htm

thanks andy, yes I did join whilst doing nurse bank work at uni, so hopefully i can rejoin it :T

many thanks for your reply :T