1995 NHS pension scheme. Can I still add voluntary contributions to that scheme in particular when I've since been moved to the 2015 scheme?

[dudsville]

Just as the title says really. My pensions adviser is hard to speak with, massively avoidant.

I've been number crunching to see what savings I need to make for retirement. My 1995 scheme was forcibly ended in 2015 for the new scheme. The 1995 one allows me to retire at 60 and I am looking to do this and save up now for the shortfall between 60 and 67, when the 2015 scheme kicks in and will also be sufficient with what I'll have paid in naturally until age 60. My question is: Does anyone know if I can make additional voluntary contributions to the closed 1995 scheme? If not then I need to look into investments.

You can buy NHS Additional Pension either as a lump sum or in instalments. You can plan for it to pay out at 60 or 65 I think.

Thanks for replying jacky. I'm wondering specifically whether I can add to a scheme that's now closed to me. I've been put on the 2015 scheme, but I want to add to the 1995 scheme. Is this possible given it's closed now?

The reason I want to add to it is I'm going to retire on it at 60 but I'd like to feather that nest a little. My current contributions obviously all go to the 2015 scheme.

I very much doubt it. They forced us out because it was too expensive. There is loads on line about adding to your NHS pension or see an independent financial advisor or your union will have final advice

Thanks ginger, I spent must of yesterday on line trawling through everything but I couldn't see anything that addressed this specific point. Like you I doubt it, but I would love a bit of certainty. I honestly believe my local Trust rep is purposely evasive. I told him I wanted to make AVC's but didn't specify at the time that I'd like that to be to the 1995 section and he just disappeared off the face of the earth and stopped responding to my attempts to make contact so I never got the chance to ask if this was even possible. I don't want to make AVC's to the 2015 section so I'm too eager to chase him up if this is simply not possible.

You can ring the NHS Pension helpline as well

I didn't know there was a helpline! !! Perfect thank you jacky!!!!!

I’m in a similar position and wanted to save to help with the shortfall between 60 and 67. I realised that actually what I need is a lump sum which I can draw down from during those years, and it’s much cheaper to save for just those 7 years rather than increasing my pension for ever more.

I’ve done that by opening a SIPP. I save into it each month from my taxed income, then 6 weeks later the tax is automatically reclaimed back into it so I end up saving more than the income I forgo. The money is invested and is gradually building up into a nice pot. When I want to retire I’ll start taking the money out gradually until I’m 67 when the 2015 pension and state pension kick in.

There are loads of ways of setting up a SIPP but also loads of advice on the internet about how to do it, so you should be able to find something that suits you. The big advantage about saving into a pension like a SIPP rather than just putting the money away into a savings account is that you get all the tax back.

You can’t add more to your 1995 pension anymore. AVC don’t exist either. You can either add more to your 2015 pension amount either by lump sum or paying more in monthly or buy back up to 3 years so the pension starts at 64 instead of 67.
In the meantime you need to calculate what your 1995 will give you in lump sum and per year and what your shortfall will be so that you can save into a sipp or lifetime isa or other vehicle to fund those 4-7 years.

Thank you both for the sipp advice. Like you scarlet I'm also saving for the shortfall between 60 and 67, but more than that I'm looking to retire at 55 and want the savings I'm putting aside to do as well as they can without taking risks. I appreciate your advice.