New pension afer nhs

BEAT_THE_DEBT · 6 March 2018 at 4:51PM

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

JoeCrystal · 6 March 2018 at 5:26PM

BEAT_THE_DEBT wrote: »

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

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 · 6 March 2018 at 6:10PM

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 · 6 March 2018 at 6:43PM

£8 from new employer

If you paid more than £5 would they pay more than £8?

Focus on optimising free money first.

quotememiserable · 6 March 2018 at 9:39PM

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 · 6 March 2018 at 10:42PM

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?

FatherAbraham · 6 March 2018 at 11:41PM

BEAT_THE_DEBT wrote: »

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

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.

New pension afer nhs

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