NHS PENSION – This video follows the previous one, NHS PENSION EXPLAINED. We look to answer some of the common questions raised as follows:
⏰
0:00 – Introduction
0:50 – Contribution Levels & Pay Band Examples
2:22 – Total Reward Statement Example
4:35 – When and how can I take my various NHS Sections?
5:53 – What impact does taking my NHS pension early have?
8:37 – NHS document on returning to work having retired previously.
Please be aware this video relates to NHS Staff (Officers) only and not Practitioners. This is only in relation to the NHS Pensions Scheme in England and Wales.
Link to see impact of opting out or into the NHS Pension Scheme:
Link to see the impact of retiring early:
Link to document on returning to the NHS having taken your NHS Pension:
NHS PENSION EXPLAINED:
🗒 Please note:
The information provided is based on the current understanding of the relevant legislation and regulations and may be subject to alteration as a result of changes in legislation or practice. Also it may not reflect the options available under a specific product which may not be as wide as legislations and regulations allow.
All references to taxation are based on my understanding of current taxation law and practice and may be affected by future changes in legislation and the individual circumstances.
This channel is for information and education purposes only. Any information or guidance given does not act as financial advice. Please consult a financial adviser if you are unsure in anyway.
Keep in mind that the value of your investments can go down as well as up, so you could get back less than you invest.
⭐ My aim is to provide education and guidance to help individuals understand pensions, investments and protection.
#nhspension #nhs #edmundbailey…(read more)
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Thank you for this video. I have been paying NHS Pension for about 12 years but it is only few months ago that I really understand the importance and value of NHS PENSION. Since then I have been doing more research and now I educate people on my YouTube channel about planning for their future. The future is not as far as many people think.
I am just about taking my 25% lump sum from NHS this month when I turn 55 and will be sharing my experience on that journey.
Great video but it's missing the real value added content which is i.e. I want to retire at 57 but I don't want to lose my NHS Pension benefits because of early retirement (SPA 68 years old). So for 9 years how to cope? I would like to have a video from you explaining how to do so i.e. ERRBO or AVC while explaining the Tax Benefits in regards to Lower Income Tax and lower National Insurance Contributions. In the Defined Contribution Pension WORLD it's so much easier to do so since the money is yours and using Salary Sacrifice you can easily build-up a big pot over the years and pay less NI/IT and at the age of 57 (from 2028) you can decide to withdraw with 25% TAX FREE. Defined Benefits Pension WORLD instead is way more convoluted. Thanks
Under 1995 scheme, can you cash in the whole pot to transfer over to your own SIPP?
Total reward payout at retirement age of 60 (currently aged 61) is about £1000 per year.
Thanks in advance for your help. God Bless
I am on a career break of 12 months. I turned 55 in Jan 22. I have been given 3 options for my pension for the year (I have a 1995 & 2015 pension) – contribute for 6 months at the rate of my salary prior to my break with my employer paying their contribution or paying for 12 months where I have to pay both employee & employer contributions after the first 6 months or opt out completely. Not sure the impact of the first 2 options taking into account I had a pay rise just before my break started. Any thoughts?
I will be retiring at 60 which is in two years. As the NHS will move me onto the 2015 scheme as of 01/04/22 is it worth paying into this for 24 months, when I wont be able to claim till I am 67?
Change of plans got a delivery driver job with ups ,all being well I can just keep going ,really good news
Retirement plans ,just changed ,got a job with ups delivery ,this could take me through the process
At 3:05 the blur is delayed just long enough that the membership number can be seen if paused at the right time. I believe you can add an extra blur on top in post editing in Youtube.
Hi. Thank you for your videos. I have a question. I am planning to retire at age 55. My question is, is it worth contributing to nhs pension or to get £180 extra monthly to pay extra for my mortgage that helps to pay it off quickly. Thank you.
The Whole UK Pension and Benefit System in the UK is corrupt, just look at a retired couple in a two bed Council Flat with no Private Pension and compare them with a retired couple in an "self owned two bed Flat" next door that does have a Private Pension, who is better off ?
Hi, my 1995 pension has a planned figure of £5k pa based on 12 years of membership. On the TRS, this is updated to 31/3/2105. When I get to retirement age (10 years away), will this benefit increase over this time or is it fixed? In a private pension, i know this would increase as the fund grows, but not sure about the NHS one.
I retired at 50(PP) with 34 full contributing years in 2007
I had 3 years of approx £700 a year to pay before 2024 to the new pension post 2016 to give me around £180 a week… I'm 66 next year and will take my pension… Having seen your vid I rechecked and now they are asking for 4 years….. confused, its been 3 years for the last 5yrs
Thanks for all your videos they are both helpful and pithy. With early retirement, you haven't mentioned that if you retire due to ill health things work differently. Basically if you retire due to ill health from your current NHS job, but can still work, you get your pension without reduction. If you are forced to retire and are unable to work at all; then you receive your pension AND its upgraded by 2/3 to as if you worked till your retirement age. Given the nature of NHS work then ill health is much more prevalent amongst NHS staff and this is a significant and important benefit.
I have worked in NHS since 1982. I was full time initially . For the last 21 yrs I have worked 30hrs. I am thinking of retiring by March 22 (age65+3m).Is it wise to wait another year as there are changes to pension happening 2022 or to take my pension now. Is it possible to top up pension before retiring. Pension pot is only 16,177<>/yr
The TRS is always at least 6 months behind, it is updated each April but isn’t shown until August at the earliest
The real issue for me is the McCloud report and it will affect a lot of people
I AM DISEBEL PERSON MY AGE 58 CAN I GET Early Retirement ?
Hi Edmund. Thank you for the video its really useful as i'm really finding it hard to get the correct info from anyone. I had a break from the 1995 pension ( i was 46yrs then) of 18 months then went back to the NHS and was put into the 2015 pension having checked and was told i could not rejoin the 1995 scheme. My question is when i returned I returned on a much lower salary, less hrs and fewer days, so how will my 1995 pension calculated when i take it? Will it be on the best 3 years of my current salary when i take it which is much lower or on the salary i was on before I left the nhs 1995 scheme and rejoined in 2015? Thank you in advance. Also how do i know if i have protected retirement age and could have left 1995 pension at 50yrs. Thanks Ally
Quick question …so I pay 9.3%…Does NHS contribute something extra to my pension as an employer?
Thanks for this – very clear and helpful!
My wife (nurse) recently had her 3% pay rise applied. This resulted in her full time equivalent pay going in to the 12.5% contribution rate band. She's a bit upset about that: it's applied across her entire salary meaning the gross pay rise is actually a significant net pay cut.
Is there any rationale behind applying the contribution rate across the whole salary, rather than in gradually increasing bands à la income tax? It doesn't make sense to me that someone being paid £48k should take home less (~£600pa) than a colleague on £47k.
Thanks Edmund. Very useful information. I wonder if you can help, if I took my 2008 scheme pension at age 65 can I continue to work for the NHS and contribute to my 2015 scheme?