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NHS retire and return plus other pension pot

2 replies

financiallyflumoxed · 23/01/2023 17:08

I have not long turned 60 and after a long time in the NHS have started to think about retirement. But my head is spinning trying to work out what the best option is financially.
I am a member of the 1995 section, as of last year this completely closed leaving me with an annual pension on around £12K (worked part time for a number of years while dc small). I can take the pension now.
I am automatically enrolled in the 2015 scheme. Benefits not payable until I am 67 ( I'm not sure I can continue until then, I am completely burned out).
I worked in the Voluntary Sector for some years and have a small pension pot which is worth around £140K which would pay pout £4K per year if I took this now.
Since I cannot accrue any benefits under the 1995 scheme I'm wondering about retire and return, taking my pension, living (mostly) on the pension, then transferring the £140K 'pot' into a SIPP and shovelling in as much as I can into the SIPP for a couple more years and continuing with contributions to the 2015 scheme.
I've been waiting a fair while for NHS pensions to get back to me after asking them for various forecasts.
Does anyone have any idea if my idea is mad? Or financially worth it? Or would tax take away any advantage?
Thanks

OP posts:
Bonbon21 · 23/01/2023 17:58

If you post on the MSE forums you will get lots of information and advice from people with experience of nhs pensions...

nevertoooldforindie · 29/01/2023 16:57

There’s a great group on Facebook NHS Pensions Chat: member led group

does your trust run a pensions seminar. I found that useful tax situation and thinking about what you need from retirement. It’s a question specific to your own needs Do you have a mortgage ? How much do you need to cover the lifestyle you want to have.
You could take your 2015 now but with reductions. Usually once you take the 95 you can’t continue to pay into 2015 But there is a consultation going on at present changing retire and return. sorry I’m not totally up to speed on current consultation but someone in the group would be able to help. Good luck it’s awful to see so many nhs colleagues burning out.

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