NHS pension. Would it be stupid to stop just for three years and then restart?

[Tiredemma]

I have 5 years service with NHS with same amount of time in NHS (post 2008) pension scheme.
We have a new (completely unplanned) baby on the way and desperately trying to make savings in order to pay nursery fees when I go back to work.
I have looked at my pay and can see that I pay approx £220 pcm into my pension scheme.
Im 35 so still have around 30 years if not more of 'working age' in me. Would it be totally ludicrous to consider withdrawing from my pension scheme for 3 years and then re-starting once nursery fees are reduced at age 3?

Not sure if any 'penalties' apply or if I would be massively disadvantaged at retirement?

Your payroll department should have a pensions advisor, I would try calling them.

Rather than stop making contributions entirely, could you not just reduce the amount you pay - say to around £50 a month for example - so at least you are still a member, and your employer will also (presumably) continue to make its own contributions? It's probably best to contact your pension scheme's advice line to find out the full details.

im not sure that I can just 'reduce' it (although I would do that if it was an option)- ill call the pensions adviser tomorrow. Ive had a look around on the internet and can't find any conclusive information

I think if you stop it is then classed as a break in service and will affect your final pension. I would get advice before you do anything as it is a very valuable perk to mess up.

thanks for advice. I went on Moneysavingexpert and they asked me if I was mental.

Looked more into it and over the long term it would cost me thousands so just going to leave it (and eat beans for three years!)

Take care with the NHS pension scheme, it's a very good scheme but I believe it's easy to fuck it up. Get advice - try your union/professional body, I'm pretty sure the BMA publishes some good advice on the scheme on their website which may be worth a look.

Hi - am looking at stopping my payments as we are in dire financial striates. Why would it cost you thousands?

The trend is for pension offerings to be getting worse, and for new, less advantageous rules to be applied to to new entrants to schemes.

If you're on a reasonable deal at the moment, eating beans for a few years is probably going to be worth it to maintain continuity.