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?

But all our pensions are a benefit (i.e. we receive more than we put in), of course you/we are being supported? That's part of the social contract. It's just that (to my mind), people shouldn't go on benefits for not working (i.e retire at the public expense) at 55.

I disagree with the 1995 benefit allowing people to retire on a full pension at just 55, not with individuals taking it.

I understand that people pay 8-12.5% of their salary in pension (I pay 11.8% of my salary into my own). But it is of course living off benefits to receive a pension, which is often 40-50% of your working time salary, for a period that may rival your years in work. That is unaffordable for the working population supporting the benefit.

But Im not on benefits?

If you're receiving a pension, you are absolutely on benefits!

Call it whatever you like, I give zero fucks

I recieve the pension that was offered to me as part of my employment contract .
I signed the contract, worked the required number of years and took my pension when I was entitled to.

What on earth are you talking about?

@Sidebeforeself all occupational pension schemes are considered as a benefit of employment but most are contributory and we tend to veiw them more inline with something like a savings account for retirement rather than state benefits.

But I feel that the manner that pensions being benefits has been portrayed in some posts makes it sound like those in receipt of pensions sound like they are living off others.

Agree. And theres the subliminal benefits bashing in that too.

@DoreenCorkhill Finally - posters who think the pension is so fabulous - maybe you should have considered a career in the NHS ? There was a period when I had no wage rise for 7 years . I would have been earning 3 or 4 times my salary if I had gone over to the private sector .

Don't kid yourself.

But I feel that the manner that pensions being benefits has been portrayed in some posts makes it sound like those in receipt of pensions sound like they are living off others

This
It's an attempt to imply we are scroungers
Whatever!😂

I was being polite 🤣 but yes I agree.

Clarity on your point ‘Shuggles’?
What do want to say ?

Yes, I'm not arguing with you. I too will take my pension when I am eligible. And at that point I will recognise myself as being on benefits. What on earth else do people think a pension is? Benefits are a good thing.

Well they are, and that's OK. The contribution paid in will rarely match the benefit paid out.

Do you think people on benefits are scroungers? I don't.

Who do you think is paying the employer contributions of 20%?

I’m very much in favour of good public sector pensions, but the OP and others are expecting to retire 15-20 years before my generation can expect to.

It's part of your pay. Do you honestly think NHS staff would work for the massively below market rate they get paid if it wasn't for the pension?

but actually @Dodgethis it is also massively less good than it was - those retiring in the next 20 years will have much lower pensions in real terms than those who retired in the last 20 years.

Indeed but I don't see any protests or strikes regarding this.
Instead people are insisting that contractual pension arrangements from 1995 ( 30 years ago) are incorrect

It's all part of the unhappiness that has led to the strikes last year and the obes to come later this year. But pensions are tricky for the general public to understand so the unions have concentrated on other messages Plus lots of senior consultants are leaving early because of the crazy way annual allowance is calculated so you can be taxed on money you theoretically put into your pension but actually never earned

I dont recall any demands regarding pension restoration as you say just pay restoration -I understand its tricky to understand but why complain about a 30 year old employment contract ?@reesespieces123

No one has joined the 1995 section since 2008
Members are entitled to retire at 55 if SC or 60 if not
It is guaranteed for life once taken
So what's the point?
It's not going to change so why not campaign for your pension rights instead?

@FeatherDawn its amazing that the focus in the more general chat is on someone taking their pensions at 55 through SCS due to their contract. Only a small cohort of scheme members had that status and as OP has found out, it is easy to loose due to the terms and conditions of retaining the status. Of course new entrants have not been able to have SCS on commencing employment for 30 years. In a similar vein, the NPA in the new schemes are much later due to the introduction of other schemes from 2008 and then 2015/22 which have a later NPA (65 and state pension age).

But everyone (including those who are objecting to the terms of NHS pensions) are able to access their pensions from age 55, although that will be increasing to 57 in 2028. However accessing pensions early will result in a deduction for early payment. Quite often those who do access their pensions early, end up slightly worse off than someone who waits until the scheme NPA if they live beyond the average lifespan. So the vitriol around taking the pension early (as per the terms of the scheme) is a complete red herring.

Pensions are part of a remuneration package and it is the changes in pensions that were part of the reason that consultants went on strike. Many of them had five figure tax bills for theoretical pension contributions they had never made.

@Allthings

Yes vitriol sums it up well

@reesespieces123
I was referring to nursing pensions, in the thick of strikes not one person mentioned their pension nor did I read anything about it in the nursing press/press at the time.