NHS PENSIONS explained | 1995, 2008 and 2015 Pension scheme differences explained
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- Опубліковано 12 вер 2024
- Looking at the NHS pension, how it works, the ways your pension is calculated and the various schemes i.e. 1995, 2008 and 2015 pension schemes.
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Stop shouting! Just talk.
Hi can you do a video on the latest changes with nhs pension. Apparently they are going to reduce how much money they take from us.
Thanks for the suggestion, I'll do some research
Funny I distinctly remembering receiving a document from government desperately trying to get me to swap my 1995 pension to 2008. That once retired I won't be allowed to go back into another NHS pension scheme. Well fast forward 15 yrs and they changed the rule to say you can!
I am about to work in NHS with annual salary of 72000 before Tax..
What will be the percentage of my contribution to the pension ? Will it be before tax and NI or after ?
Please explain ...
Can you explain more, I leave the NHS 2009 should I take the 2008 or 95. I reach the age. For the nhs but not the state pensions.
Thought you could access your Pension at 55 until 2028 when it goes up to 57. Also didn't think you get 25% tax free from a DB scheme only a DC pension scheme.
I have been working for NHS for 37 years and I m 58 years old. My 2008 froze and I have been automatically put in to 2015 scheme. If I opt out 2015 scheme, will I lose my benefit in the 2015 scheme?
So i'm guessing you are staying in the NHS 1995 (1986 to 2022) keeping all the DB benefits and lump sum in this DB pension so 36 years in it? (working on McCloud result?) I'm guessing an hoping you did not fall for moving out of the 1995 DB scheme?
I'm guessing you will wish to leave at 60? so have 3 years in 2015 scheme you will have 7 years ARER penalties if you decide to take the 2015 at 60.) but the bulk of your pension is in the DB pension you will be fine you are protected on that. Due to the little amount of pension in the 2015 scheme is it worth just taking with penalties or waiting till 67 ???? your decision. Your 1995 pension is frozen they cannot alter or change that agreement as it now fixed is my belief? I have asked this exact question with my pensions officer. I do not think they can alter the 1995 pension!
If it was me i would just take the 2015 pension at 60 with penalties and hope for a long retirement. But thats me. They try to make you stay in till 67 so to reduce the amount of pension they pay out over your retirement in my opinion. Your penalties on 2015 leaving at 60-67 will be 34% reduction.
Lets say your 2015 contributions per year is roughly £600 /year then you would only have £1800 for 3 years in that 2015 scheme, so with deductions that would be £1200 ish or simply put you would get 100/month. Is it worth waiting 7 years for: an extra £50 a month? or 12.50 a week?
Hope this helps?
@@llamudos9809 Hi good reply, but tbh i would take 1995 pension now, but if you still like working take it as draw down. Lump sum, pension 24hrs from job return same conditions but must drop hrs/wage by min 10% for a yr.
you maybe best dropping to say working 2 days a week etc your choice (up to a point) i would either freeze 2015 pension or if doing say 2 -3 days a week pay into that pension, tax efficiency, then if you say ..want to retire full time say in 3 years, do so. But less penalties on 2015 pension. Or if do not need money..(here’s hoping) leave it till retirement age, and collect it then and state pension. Comes down to your current finances, projected finances and if you want to still do a bit of work.
But… going to work and the social side of it , can help keep your mental health. And social circles. Etc.
why stop abruptly, but that’s just me i like work. Good luck
Do you tax on your lump sum thanks
im curious, what if someone dies before even reaching 55 which is the early retirement for nhs, what happened to his/her contribution???
I believe when you start pension, you fill out form who you want it to go to.. usually your partner, will auto go if married/civil partnership.
My mother was a nurse for 38 years and died in 2020 we received £795 after her death. Is this right. When I called up they were very rude
No disrespect meant but your making money by singing the merits of the NHS pension as a lower risk option to the stock market. Yet in the same breath you have affiliate links to a brokerage firm (introductory broker contracts) that pay you to get people to risk their money on brokerages?
Nhs pension is a government plan to use your money to pay off other public workers. Put your money in a stock isa - choose great funds - disruptive equities and become financially free. You will not require a job for your income and be financially free - definitely NOT retiring at age 72
If you were a financial advisor, you would get sued to bits for even hinting what you say here.
An interesting take on the scheme, thanks for the comment.