NHS pension disappointment.

[Stillearninglife]

After 33 years in the NHS I have been battling with pensions as they “lost” years and years of my pension due to “clerical errors “.
Now I have a prediction which I intend on taking at 55.

Seemingly one of the best pensions around, reading of other people’s pensions, it is utterly crap.

33 years with a lump sum of less than £80k then monthly payments of less than £800 per month is so low. All those years at B7 diligently paying in thinking I will be ok financially and it’s just dire.

I left the NHS due to conditions and pay some time ago (2 years ago) so nothing is going into the pot, so I’m taking it at 55 next year.

Anyone had similar experience with NHS pension?

Have you spoken to Pension Wise?

What is your profession?

Did you work full or part time?

Taking it at 55 is always going to give you a much lower pension than waiting to pensionable age.

What job are you planning on doing alongside the pension from 53 to retirement age?

I dont think Pension Wise helps with DB pensions

Full time. Reduction for maternity leave twice.
B7 front line nurse.

No longer work for the NHS. I left and will NOT be returning at all, ever.
It has broken me to tiny pieces and now this final insult.

I’d you’ve worked in the nhs all that time and have your pay slips to show you paid into pensions why can’t you provide them proof? Have you spoken the NHS pensions themselves not your trust payroll/pension team? Have you not been looking at your total reward information the last 10 years or so to understand where you’re up to?

Hoe many years did they lose and have they found them yet ? Are you sure that prediction is correct ? The nhs has two or 3 different pension schemes which after 33 years i'm guessing you will have paid into all 3. Have you spoken to the nhs pensions helpline, they might be able to helo

Respectfully, £800 a month is a lot if you take very early retirement at 55. If you were normal pension age, it would be much higher.

Sorry a band 7 nurse and your pension after 33 yesterday is £800 pcm? Surely thats an obvious error!?

Yes this. It's so low because you're taking it so early.

Are you saying you think you still have missing credits or is it right now and you still think it’s crap? You are missing 11 years between 55 and retirement age which is your choice and one that many can’t afford to make.

House moves etc, payslips lost. (had 5 years of paper pay slips, electronic ones not displayed on ESR for the last 3 years.. “ no information available “ is the message!

On fast dial to NHS pensions due to “lost years” trying to sort it out.
TWS has now locked me out as I no longer work at the Trust. Payroll have been utterly useless.

NHS pensions have been very very helpful, have now found and rectified loss of pension information.

The annual total reward statement is really clear - is the £800/month less than what was on your total reward statement when you left at 53? Or it might have assumed you would work until retirement age.

Remember this payment will continue for the rest of your life even if you live to 103. Private sector pensions run out when the pot is gone. On current predictions my DH’s pension will run out when he’s 85 and then that’s it, no more cash. He’s having to work to 65 to make sure there’ll be enough to live on if he lives longer.

The pot is sitting there. No further contributions into it, not growing so won’t be worth anything higher at pensionable age. I might as well take it at 55.

As I don’t know what the norm is at B7 with that many years contributions I have no idea if it’s about right or not. I’m relying on NHS pensions to give me an accurate answer.

It just doesn’t seem right for so many years of paying in.

This.

I wouldn't expect more. I think it's quite good considering leaving at 55. If it was higher a lot of staff would retire at 55.

As others have said you are taking it very early with a lump sum it is a good amount. If you can leave it a few more years you would get substantially more

But as I’m no longer contributing to it, it won’t increase is my understanding. It’s frozen.

There’s presumably an actuarial reduction for taking it at 55. I presume this is a mix of 95 and 2015 pensions. Is it worth finding out how much it would be if you left it until 60?

Gently, you understand there is no 'pot' with DB pensions? Even without contributions you will get significantly more if you leave it until pension age. You are penalised heavily when you access it early.

This isn’t how defined benefit pension schemes work? I have a civil service pension and it’s not a “pot” as such. It gets paid to you out of the contributions of current members. So even though I’m no longer paying into the pension it would be much smaller if I took it now at 58 than if I wait till 67. It’s called an actuarial reduction and it’s based on the idea that the earlier you take it the longer it is paid for.

But if you leave it until 60 or 65 the amount of years payable is less so of course the amount per year would increase.
I don't know the exact rates but say life expectancy is 80 they are paying you an amount divided by 25 years rather than 15 if you took it at 65. If this hasn't been explained to you then I would seek advice from a finance advisor

No it wouldn't be, the 95 section closed in 2022 so there would be 0 more contributions into it even if OP worked until 90.

I hear you OP, also top band 7 and currently ploughing approx 500-600 a month into mine and when I look at the forecast I think - is that it?! 30 years I would walk out tomorrow if I could I am so so so sick of the stress and the bullshit. I am aiming to go in full at 57 so 9 years to go.

I really don’t think that is bad at all. I have just looked at my pension - I worked for the NHS for 8 years and if I don’t take a lump sum at all, I’ll get about £200 a month. I think yours sounds about right. And remember you’ll get state pension as well eventually? I do think yours sounds about need to check if you are being penalised for taking it at 55. Some of my friends recently couldn’t access their full NHS pension until 60 so I think you might be shooting yourself in the foot taking it at 55.