Extra/overpaying pension(3 Posts)
I have returned to my nhs job working 2 days a week after maternity leave and intend to stay part time for the foreseeable future. I intend to take on an extra private job but this work will be adhoc and I doubt there will be a pension involved.
My dh overpays his private pension as he only started it quite late in his career. He does earn a fair bit more than me and pays it into the joint account but....
I am just concerned about not having a decent pension when I retire and also want to protect myself a bit should the worst happen with me and dh ( I don't expect this btw, we are v happy).
Should I start an extra private pension with the cash I will earn privately or is it even possible to over pay into my nhs pension ?
When I've had employee pensions you could pick the percentage of your salary to pay in the first X % was matched by the employer.
Of course the matched part you should pay in to the NHS version as you then get free money from the, but after that it depends a bit on how you prefer to save (asusming you are a low rate tax payer) you could find ISA, or even normal savings accounts offer better rates without your money being tied in until you are 55. Its worth looking on MSE for more specific info.
You should also look into your state pension depending on your age (I assume your not that old if your on mat leave), as the rules ar changing and you will prob need 35 qualifying yrs (10min) so make sure you are going to get something there or look to make up yrs if you need to.
I think it is so important for women who work ptime/take time out work etc to boost their pension if possible. I am much like you in terms of work and averageish pay . My husband however has very generous pension provision and I hate the thought of being reliant on him for income in later years.
I currently pay into my local government Additional Voluntary Contributions scheme. I had a quick look at the NHS pension website and it seems you can make AVCs too. In mine you have to choose a fund to buy into and as any investment there is no guarantee of level or return. I also have other ISA savings and stock and shares intented for my retirement, but I keep dipping into them, which is why I like paying more into pension as I can';t access it!
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