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Original poster

NHS Pension

28 replies

Topsyturvey10 · 22/09/2024 08:53

I have paid into the NHS pension for 20 years and now need to get a handle on it and probably make some sort of overpayment or set up a separate pension.

My problem is that I'm completely perplexed by it, I don't really understand the jargon and tax rules etc.

Has anyone here got any experience of it or did you use a pensions advisor? If so, where did you find them as a google search brings up an epic list and seems to be more for people with significant wealth and investments.

OP posts:
ByQuaintAzureWasp · 22/09/2024 21:55

Cardboardeaux · 22/09/2024 09:28

This is the arrangement I suggest you check - if you are allowed to take avcs as tax free cash then you don't need to exchange as much of your defined benefits for the same amount of lump sum (so your remaining pension after taking the lump sum will be higher). You will need to check what is allowed in the nhs scheme though as some schemes limit your ability to take avcs as tax free cash (which doesn't mean the avcs are not worth paying in - just make sure you understand the rules do you can do what suits your plans for the future).

Show quote history

You can only take 25% of the combined pension pot as a lump sum. Fortunately there was enough in to allow me to put in 50% of my final year's salary and get it back tax free.

goingdownfighting · 22/09/2024 21:58

You should be able to login to your pensions portal for all your forecasts etc.

Try and find out how to get set up.

Bjorkdidit · 23/09/2024 05:44

Listen to the Meaningful Money podcast. There's a big back catalogue and you can search for episodes on pensions.

The short answer is that you want a pension that invests in low cost tracker funds from someone like Vanguard and actually getting some money into your pension is less important than which provider and fund you choose.

But if you listen to a few of the podcasts you'll learn a huge amount and be more confident about money and pensions.

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