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Can you pay extra into your NHS pension pot? Or into your state pension?

(8 Posts)
Erebus Thu 09-May-13 15:12:54

Like it says, really- can you choose to put more away each month? Where can I find this out easily?

I am 50 and am very aware that my pension, should I ever be allowed to stop working... will be low.

Does anyone know off the top of their heads if I can elect to pay more into my NH pension contribution? And what about state pension? I have a hole in my NI contributions (partly filled, I guess, by accruing an NHS style pension over 8 years abroad which is still sitting there).

I want a one-stop-pension-shop!

ananikifo Thu 09-May-13 15:16:32

You can increase your contributions to an NHS pension, afaik. There should be someone in your Trust you can ring to ask about this.

ihategeorgeosborne Thu 09-May-13 15:46:45

You can pay more into your NHS pension. I think you might have to start from a new tax year, but you can definitely up your contributions. My dh is doing this.

You can also fill in gaps in your state pension too. Ring the DWP and ask them for a pension forecast. It will tell you how many years you have accrued to date and what your shortfall is likely to be.

ivykaty44 Fri 10-May-13 15:03:35

Your pension department at the NHS will be able to tell you whether you can put extra money into your pension - be aware that if you do this, that it will reduce your taxable income and therefore you may pay less income tax and NI. meaning that although you are paying more out of your wage slip you will also benefit from a smaller tax bill.

Skinnywhippet Fri 10-May-13 17:58:59

My oh looked into buying extra years with nhs but didn't seem to work out very well. It would be good for him to revisit. What job do you do? It may well be different for nurses to doctors to HCAs.

Erebus Fri 10-May-13 18:12:59

Band 6 HCP. I have managed to retain my position in the 'old' scheme but, like everyone else, I am deeply confused. I read something somewhere that suggested any additional pension pot pay-ins was a waste of time if one works longer and pays in more anyway. The explanation was fiendishly complex, looking at percentage returns, real values, and the use of that cash to get better deals, now.

Frankly, I do wonder if the 3 odd percent anyone seems to be able to make in interest is actually worth the sacrifice of salary, now.

traintracks Fri 10-May-13 21:45:41

I am buying added years in my NHS pension but I think that option shut to new applicants a few years ago. Talk to Wesleyan financial advisors they used to be owned by the BMA and are very good, or just ring the pension office. Also bear in mind that if you can buy added years, if you are starting aged 50 they will be very expensive and the money may do more for you elsewhere but obviously you need proper individual advice on that.

tgroom57 Thu 30-May-13 17:31:16

I wouldn't.
The only exception I would make, is if a very small extra payment would make it up to 'full' state pension (whatever that might be when you retire. If it's already enough for 'full' I wouldn't add to it.

Extra payments to our company pension scheme (not NHS) are put into a separate pot anyway, and managed differently. I'd sooner manage that few extra bob myself than pay someone to gamble with money that wasn't theirs.

You can certainly get a State Pension forecast, and it will say on there what your options are, for the state element.

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