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?

leave it until state pension age and you get the full forecast per month

For the 1995 section, pension age is 60. Not state pension age. There's no increase for waiting past 60.

I wish the OP would clarify if they've opted for the max lump sum. I think they must have done, or the quote is showing that option, but that really reduces the monthly pension. Is the commutation rate £1 to £12 for NHS pensions?

Yes 1:12 commutation in all sections.

55 is when you can take your pension if you have special class status which nurse have

Idiotic decision.

The OP doesn’t though, having left their nursing post 2 years ago.

Once again, not nurses who have left. Like the OP has.

Wow! So many replies from you amazing lot!

Thank you all so much for taking the time, for the great advice and the factual information it is so so helpful.

Ive totally got the wrong end of the stick with it all as I’ve found it all very complicated and confusing.

I have only recently found lost years, I’m in the process of applying but now I know this info, they are likely to send it back to me like a fart in an envelope!

I was kind of pinning my hopes on this to ease the pressure as much current job is very insecure so having a buffer of cash takes some of the pressure off if it all ends tomorrow which it can do.

At least the NHS is a secure gig.

Oh well, I’ve learned a lot so many thanks to you all x

I get around that amount after working 25 years at band 4 so it doesn't sound right. I would have had a big reduction if I had taken it at 55 so this might be the issue. You are not paying in any more but will be taking 5 years more income from it at 55 compared with 60. Over the years there have been different schemes but understood the latest one is 60 for nurses and 65 for admin. I would definitely check this out.

The NHS Pension Facebook page is very good with a lot of very knowledgeable posters and a handy table telling you of reductions for taking early ( not scs). The rules around nhs pensions are quite different to other pensions and lots of people miss out on years of payments because of this, often due to management not letting staff, partial retire or retire and return. Special status is also often misunderstood and people loss out with that too.

understood the latest one is 60 for nurses and 65 for admin.

No.

The 1995 pension is 55 if you have special class status (some nursing and similar roles, if you started before a certain date) and 60 for everyone else.

The 2008 is 65 for everyone.

And the 2015 is the same as state pension age for everyone.

But due to recent legislation the OP can chose which one she wants to apply the last part of her pension. So she could chose the 2008 scheme for example.

@Stillearninglife did you catch the post regarding doing NHS bank work to retain your SCS? I know you said you’d had enough, but it may be worth considering to keep SCS. The timings and hours have to be carefully planned though.

@Twiglets1 if your husband is in the 95 scheme, he needs to look to take it when he is 60 otherwise he is missing out on monthly payments which will not be backdated for an active scheme member.

I assume they have as it cannot be correct that someone who gets an 80000 lump sum would only get 800 a month as a pension.

Thank you.

He is actually 64 and has been taking a pension from the 95 scheme since he was 60. But he’s also in later schemes because he took a break from the NHS scheme & worked in the private sector for a few years, before returning to the NHS.

His situation is very complicated but he has taken good advice on what is the best thing for him to do.

@Twiglets1 that is good to hear. I know of a few people who got caught out by working post 60 thinking that they were continuing to build up their 95 pension when they were in-fact missing out.

Jobs freeze unfortunately, the hospitals around me are not recruiting!

Yes it’s not always easy to understand the 3 schemes. He wishes now he never left the NHS so could have stayed in the 95 scheme & retired at 60.

But on the other hand he’s lucky to be able to retire at 65 which will technically be early retirement from the 2015 scheme.

No, you can't just pick any of the 3 schemes. And the last part of the pension is definitely in the 2015. No choice about that.

You remain in the same sections (in this case 1995 and 2015), you can only choose whether your membership switches from the earlier scheme to the 2015 one on 1/4/2015 or 1/4/2022.

(Unless you switched from 1995 to 2008 in Choice 2, in which case you can also revert all the 2008 pension to the 1995.)

Are you paying into a private one that will give you a better return?

Hahaaaa no private pension will give a better return because the NHS staff are given vastly beneficial rates that are simply unachievable for anybody investing their own money, unless they happened to buy some shares in Apple when it first sold a few like in Forest Gump. 🤣

It’s quite unbelievable to have posts here with NHS staff complaining about their level of pension provision. Delusional. They are living in la la land.

After reading through this thread please could someone help me with a query. I have 10 years in the 2008 pension scheme and 10 in the 2015 scheme. I am over 60 and still working full-time. Am I correct in thinking my 10 years in the 2008 scheme will not increase and I should take the money from this scheme now? However the money in my 2015 scheme will increase and I am better off leaving it until I actually retire.
I thought the 2008 scheme was still increasing until I read this thread but what I have read on here is making me think otherwise.

Retirement age for the 2008 is 65. Taking it earlier will mean it is reduced for early paymnet.

And it is linked to your final salary, so you aren't adding more years to it but it will still be going up in line with pay rises.

Unlike the 1995 scheme, if you don't take it at normal retirement age but wait longer it is increased by a late retirement factor (similar to the reduction for early payment).

And, assuming those 2 blocks of 10 years are continuous, you can choose which pension section gets the years between 2015 and 2022.