Nhs Pension?

[ilovemarkb]

Finally started my dream job of Staff nurse at the grand age of 45 (better late than never) Just not sure if to opt in or out of the pension scheme.? any advice please?????

[boxtops]

As an NHS Pensioner - go for it. You're not likely to find better pension terms and conditions anywhere else. I didn't join the scheme until I was 49, and the options at the time I wanted to draw the pension were very good. You can carry on paying into for as long as you are working, so I stayed beyond retirement age and kept paying it. Well worth it - I wouldn't even think about NOT joining up.

[retrocop]

My wife,also a staff nurse,for 38years says a definite YES.She stopped hers when the children came along and wish she had'nt as it was too much to repay to opt back in again.No pension contributions when she was on the bank either.Now she is near retirement she regrets drawing out the superannuation all those years ago.

[penelope2]

Go for it without a doubt. I paid in for 41 years and now enjoy a healthy index linked pension.

[boxtops]

The 1998 Plan is slightly different from the 1995 one, I'm not so familiar with the one in place at the moment, but I did look at the T&C on both at the time we had the opportunity to swap over (and in my personal circumstances, it was better for me to stay on the old plan). NHS Pensions should give you all the stuff you need - yes it's a wodge out of your pay each month, but it's so well worth it!

Congratulation btw, on your new job!

[Baldric]

My OH is still working past retirement age, was a Sister for many years, now does a Data Input type job, still paying in and says will be well worth doing.

[boxtops]

Exactly, baldric - and I was pleased to learn that if my hours had reduced in the last couple of years of working, NHS Pensions currently use the best of the last 3 years' salary figures in order to work out the pension calculations. It means you can drop hours for 18 months or so, as you wind down, without affecting the ultimate pension.

[rowanwitch]

opt in..... and if possible see if you still have the option to buy a few extra years.

[boxtops]

Good thought, rowan! I couldn't afford to buy extra years when I first started, but I took that option after I had a pay increase (how long ago was that?!), as was able to buy 2.5 extra years.

[jomifl]

Opt in, you won't regret it.

[Sqad]

I agree with ALL the posts above.......public sector pensions are a good deal and always will be in the NHS.

If you can afford "added years"...........buy them.

[Old_Jim]

In. Because it's a final salary scheme, it gets better value for money the older you join.
If you don't want it, I'll give you the contributions and you can pay me the pension!

[ilovemarkb]

oh thanks guys and gals for all the answers looks like its a definite yes!!

[factor-fiction]

Is it still final salary scheme for new entrants, jim. Most schemes now seem to have moved to career average
Public sector schemes are definitely worth joining. The main benefit is that the employer also makes a contribution, and that contribution will be bigger than yours.

[Tilly2]

Congratulations on your new job, by the way. Well done to you.

[Peter Pedant]

jesus only just seen this

Yes go for the NHS pension scheme - even with the new govt - you pay pay pay and we then dont pay you scheme - it is still very much the best around

cos the others are so crap see ?

You will be able to get in 20 y service and also there are / will be chances to buy in extra which you should do ( were not a bad deal when I looked at the plans for workers in 2012 ).

these are technical issues which really are only open or obvious to those in the scheme and so really .... you should be talking to colleagues.

but yes - the short answer is yes

The main point I will make in public is that if you go elsewhere you dont get the employer contribution - this applies to every occ pension scheme and that is the main reason why anyone who has access to a scheme should say Yes please - I am echoing my favourite's words - Ros Altmann...

[Peter Pedant]

FF - you're right it is going to Career average
and so the scheme she will be joining is the 2008 NHS scheme

and is still by comparison a great deal

the secret here is the employers contribution - nat average and legal miin is 2% and is much greater ( eight I think) for the NHS scheme

still a great great deal

[boxtops]

PP is correct, the final salary scheme was the 1995 one (which I was in), which is now closed to new entrants.

[Peter Pedant]

boxie - you have answered the q
do I swap old NHS pension for new - the a to that is a definite no

this qiestion is: do I join - the answer for THAT is a definite yes

The big change was 2008 - that change was from good to crap but still very good in comparison to going it alone

[boxtops]

Absolutely!