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Mistake by NHS pensions, please advise
JivingJason
Posts: 18 Forumite
Hi,
I am a doctor contributing to the nhs pensions. I am supposed to be in the 2008 scheme but have been told repeatedly by the pensions that I am in the 1995 scheme and have many emails from them. this is despite me asking them repeatedly. so I planned out my retirement at 60.
Now after so many years they say that they have made a mistake.The problem is that had I been told this i would have opened a SIPP which I could have taken earlier.
Now instead of 60, i will get the pension at 65...
Please advise..
Jason
I am a doctor contributing to the nhs pensions. I am supposed to be in the 2008 scheme but have been told repeatedly by the pensions that I am in the 1995 scheme and have many emails from them. this is despite me asking them repeatedly. so I planned out my retirement at 60.
Now after so many years they say that they have made a mistake.The problem is that had I been told this i would have opened a SIPP which I could have taken earlier.
Now instead of 60, i will get the pension at 65...
Please advise..
Jason
0
Comments
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Well, nothing to stop you from setting SIPP up right now and contribute into it. Also, there is nothing to stop you from retiring at 60 either although you would have to take a hit via actuarially reduced pension either.
Mistakes do happen I am afraid so you would need to make the best of it.0 -
Presumably your pension is 1/3 higher than you expected as you have been accruing 1/60ths rather than 1/80ths so you can just take it 5 years early and the early retirement reductions will leave you not that different from what you expected.0
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You looked a sipps in February
https://forums.moneysavingexpert.com/discussion/5788128/guidance-for-pension-sipp-or-private-pension
You stated you were in the 2008 scheme in January
https://forums.moneysavingexpert.com/discussion/5786846/some-help-for-a-dentist
So what has changed that those few months have made such a change?0 -
The problem is that had I been told this i would have opened a SIPP which I could have taken earlier.
Not really an issue as you have a registered pension scheme and can use carry forward (subject to your income level - as a doctor, probably not an issue).
Markets are off the high point at the moment. So, its more a delayed contribution rather than no contribution at all.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
JivingJason wrote: »Hi,
I am a doctor contributing to the nhs pensions. I am supposed to be in the 2008 scheme but have been told repeatedly by the pensions that I am in the 1995 scheme and have many emails from them. this is despite me asking them repeatedly. so I planned out my retirement at 60.
Now after so many years they say that they have made a mistake.The problem is that had I been told this i would have opened a SIPP which I could have taken earlier.
Now instead of 60, i will get the pension at 65...
Please advise..
Jason
Have you raised a formal complaint, and what have they said? I think I would do that, and probably go to the Ombudsman when you get the inevitable brush-off.No reliance should be placed on the above! Absolutely none, do you hear?0 -
So what has changed that those few months have made such a change?
From 2010 to 2015 I was told that I am in the 1995 scheme. It was last year that the nhs told me it was wrong.I was taken aback but decided that I can sit back and keep moaning. So i decided to open a sipp.
My concern is that i lose out on the lump sum as well which was available in the 1995 scheme
I have raised a complaint with the nhs pensions. it is in the early resolution stage. Anyone can make a mistake but to tell me repeatedly so many times that I was in the 1995 scheme was a a bit too much. I am just hoping for the best but my expectations are low.
Jason0 -
JivingJason wrote: »My concern is that i lose out on the lump sum as well which was available in the 1995 scheme
The lump sum is automatic in the 1995 scheme; it is optional in the 2008 scheme, so you don't 'lose out' on the chance of a lump sum if you wish to take one.Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
JivingJason wrote: »So what has changed that those few months have made such a change?
From 2010 to 2015 I was told that I am in the 1995 scheme. It was last year that the nhs told me it was wrong.I was taken aback but decided that I can sit back and keep moaning. So i decided to open a sipp.
My concern is that i lose out on the lump sum as well which was available in the 1995 scheme
I have raised a complaint with the nhs pensions. it is in the early resolution stage. Anyone can make a mistake but to tell me repeatedly so many times that I was in the 1995 scheme was a a bit too much. I am just hoping for the best but my expectations are low.
Jason
You are aware of the lifetime allowance? Before you make extra contributions, have you checked the headroom?No reliance should be placed on the above! Absolutely none, do you hear?0 -
As a possible silver lining, on both occasions we refused the switch from 1995 to 2008 scheme, but now have the downside that we can't contribute to the 2015 scheme once the 1995 scheme is in payment. This will lose DH 8/9 accrual years. This isn't the case with the 2008 scheme.
Maybe make 100% sure the 2008 scheme isn't harbouring some useful features before swapping back to 1995.Save 12 k in 2018 challenge member #79
Target 2018: 24k Jan 2018- £560 April £26700 -
Looking at your other post you will have been moved over to the 2015 scheme. Given you are age 42/43 and pay higher rate tax you should have plenty of time to save some extra.0
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