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  • FIRST POST
    • BEAT THE DEBT
    • By BEAT THE DEBT 6th Mar 18, 3:51 PM
    • 2,126Posts
    • 5,121Thanks
    BEAT THE DEBT
    New pension afer nhs
    • #1
    • 6th Mar 18, 3:51 PM
    New pension afer nhs 6th Mar 18 at 3:51 PM
    Hi i have 19years nhs pension and have started a new job. My contributions for nhs were 70 plus and now it's 5 from me and 8 from new employer. I can go up but it's not a company i picked so i was thinking of getting my own.
    How much should i pay i am 44?
    Many thanks
    btd
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Page 1
    • JoeCrystal
    • By JoeCrystal 6th Mar 18, 4:26 PM
    • 1,405 Posts
    • 861 Thanks
    JoeCrystal
    • #2
    • 6th Mar 18, 4:26 PM
    • #2
    • 6th Mar 18, 4:26 PM
    Hi i have 19years nhs pension and have started a new job. My contributions for nhs were 70 plus and now it's 5 from me and 8 from new employer. I can go up but it's not a company i picked so i was thinking of getting my own.
    How much should i pay i am 44?
    Many thanks
    btd
    Originally posted by BEAT THE DEBT
    How much do you need to retire on in 23 years? You will be getting a state pension so that is roughly 8,300 ish if you got full 35 years contribution but it is likely will be less as you was contracted out in NHS pension scheme. You also got guaranteed index-linked NHS pension as well. Add them together and see if it is enough. If not, save more, there is a pension calculator you can use to work how much contribution needed to get enough pension pot to get an annuity. https://www.hl.co.uk/pensions/interactive-calculators/pension-calculator

    Needless to say, bear in mind that 70 in NHS pension worth a lot more so it is not a valid comparison.
    • Brynsam
    • By Brynsam 6th Mar 18, 5:10 PM
    • 916 Posts
    • 602 Thanks
    Brynsam
    • #3
    • 6th Mar 18, 5:10 PM
    • #3
    • 6th Mar 18, 5:10 PM
    Bear in mind that if you pick your own pension, your employer doesn't have to contribute to it. You may not have picked the scheme your employer currently offers, but if you decide to stay in that (to get the employer contribution) and take out another pension elsewhere, you won't necessarily fare any better than if you paid more into your employer's scheme. Check the charges carefully.
    • PeacefulWaters
    • By PeacefulWaters 6th Mar 18, 5:43 PM
    • 8,320 Posts
    • 10,636 Thanks
    PeacefulWaters
    • #4
    • 6th Mar 18, 5:43 PM
    • #4
    • 6th Mar 18, 5:43 PM
    8 from new employer
    If you paid more than 5 would they pay more than 8?

    Focus on optimising free money first.
    • quotememiserable
    • By quotememiserable 6th Mar 18, 8:39 PM
    • 412 Posts
    • 268 Thanks
    quotememiserable
    • #5
    • 6th Mar 18, 8:39 PM
    • #5
    • 6th Mar 18, 8:39 PM
    I assume it means 5% and 8%? This is a pretty good offer, and if you take an outside one, you'll have basically the same investment choices but with only the 5%. It's a no-brainer.
    • stoozie1
    • By stoozie1 6th Mar 18, 9:42 PM
    • 549 Posts
    • 485 Thanks
    stoozie1
    • #6
    • 6th Mar 18, 9:42 PM
    • #6
    • 6th Mar 18, 9:42 PM
    What annual pension and lump sum dies your most recent total reward statement from nhs pensions give?

    How far short of your annual living costs is this?

    Are your 19yrs all in the 1995 scheme?

    At what age do you hope to retire?
    Save 12 k in 2018 challenge member #79
    Target 2018: 24k Jan 2018- 560 April 2670
    • FatherAbraham
    • By FatherAbraham 6th Mar 18, 10:41 PM
    • 765 Posts
    • 587 Thanks
    FatherAbraham
    • #7
    • 6th Mar 18, 10:41 PM
    • #7
    • 6th Mar 18, 10:41 PM
    Hi i have 19years nhs pension and have started a new job. My contributions for nhs were 70 plus and now it's 5 from me and 8 from new employer. I can go up but it's not a company i picked so i was thinking of getting my own.
    How much should i pay i am 44?
    Many thanks
    btd
    Originally posted by BEAT THE DEBT
    To get vaguely similar benefits to the NHS scheme via a personal pension, at age 44 you'll need contributions of about 30-33% of your salary.
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