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?

Great suggestion, I was part of this group, really super helpful.

Also the suggestion to get a forecast from 60 is a good idea, I did this a while ago and the increase was very minimal which is why I decided to take it at 55.

It's a defined scheme isn't it? So take your last years salary and multiple it by total number of years of full pension payments then divide it by 80. That tells you the pension at retirement age. If the scheme says 55yo there will probably be a slight adjustment.

I have a similar pension with NGrid and mines about the same payout with 10yrs service. Im taking mine out cos Im a widow so its madness to leave it in if noone can inherit it on my death. Even before I take it my adult kids would only recieve a quarter of its value should I die. It'll cost me c£10-12k for a financial advisor to help me do this. It's utterly outrageous.

I'd talk to the scheme pension advisor before doing anything.

No idea! I have nothing to compare it to but less than £800 a month is so low. It’s that that surprised me. No wonder so many nurses retire and return to top up income.

My BIL was a Physio for 10 years back in the 90s. Level 7 or something like that
At age 60 (last year) his lump sum was £40k , monthly payments £890
Which is why I'm wondering if an age 60 forecast might boost your figures

I think this sounds fine. 80K is a lot of money. My teacher’s pension after 22 years (which I can take at 60, not any earlier) gives me a 20K lump sum and about 1K a month. So if you’re taking yours at 55 your figures sound fine. I’m assuming you kept an eye on your pension and what the forecasts were before deciding to retire? I’ll need to work part time at least between 60-68 before I can then claim my other pension (in a different sector) as 1K a month from my teacher’s pension will not be enough for me to live off.

By taking it at 55 you are losing almost 50% pension.

Just out of interest op what do you do now? I'm NHS front line and not sure if I can keep going either but can't figure out what else to do.

Not with special status I’m not.

That is the other option to see if you can get a figure to take it all out of the scheme a settlement figure but not sure this is possible with the 95 scheme.

Industry.
Its a revelation!
Get on LinkedIn, med devices companies, pharmaceutical industry. Bloody brilliant!

😂😂😂

Your understanding is wrong. Every year delayed will increase your pension by 10% roughly from the age of 55. At normal pension age you would receive around 1800.
Why not delay receipt and get another job?

Again......😂Why do people spout shite they clearly know nothing about??! Staggering.

If you still want to take it at 55, look at having a smaller lump sum, if thats possible? that, will increase the monthly pension....

Tbf you weren't a B7 for the entire 33 years and nursing is a poorly paid profession.

I retired at 57, i had a DB pension, it makes a huge difference if delay taking the pension BUT obviously you don't have the se of the lump sum or the 700 per month, yo have to do the calculation and please get the forecasts for delaying.

Personally, if you can afford it, take the money now, my mum did and got a PT in a private residential care home, far far easier, lots of options for a skilled p nurse! you of all people now how fragile life is....

Im a band 7 partial retirement. There is no norm, it depends on years worked and payments in. Yours will be based on your last NHS pay and frozen at that pay point plus reduced considerably taking it at 55 rather than 60 assuming it is the 1995/2008 pension and you didnt change to the 2015 which is a much lower pension pot.
it is based on your final 3 years salary, there are charts online saying what you lose if you take it early at 55 15% of your lump sum, 21% of your monthly pension

Again you are WRONG!

Hopefully OP you got advice from the pension department and didn't risk it all on the wealth of MN NHS pension knowledge!!

Please ignore all these comments. They do not understand that nurses can retire at 55 WITHOUT losing pension. They can of course work longer and keep contributing in which case their pension will be larger. Have you chosen to take the larger lump sum and reduced monthly pay? I retired at 55 -B7 for 30 years, and took the smaller lump sum. I receive £1500 a month and £50k lump sum. It is a lot less than we were promised 40 years ago and I work NHSP to bump it up. I have now returned to a part time B5 position to ensure I have an income I can live on. ( I have DS17 at home and am a widow). What people don’t understand is that nursing is NOT a job you can keep doing until you are 67. My back is totally fucked and my stress levels are high.
But I do love nursing and I need to pay the bills and eat! Can I keep doing it until 67??? I really don’t know.

Doesn’t sound quite right- someone I know b6 most of there career, retired at 55 about £125K lump sum and and £1200 month- I would double check it

You are right, I was B7 for 15 years before I left to get another job.

So it’s based on the last salary I suppose. Which was B7.
I do not get a reduction due to special status is my understanding.

You are confusing the words ‘no reductions’. This does not mean ‘frozen’. This means you will get your full pension amount that will continue to grow every year you leave it in, even if you’re not contributing to it anymore. Find your reward statement from last year when you left work, and compare it to this year. It will have gone up. It goes up a lot more after 60.

She has already said she has SC so no reduction.

if you have left the nhs it will still grow

You need specialist advice on your NHS pension... which you cannot be sure to get here....!!

@Stillearninglife Having looked at the 1995 scheme you can take your pension in full at 55 so no actuarial reduction.

The scheme is either 1/80th plus lump sum of 3 x pension or 1.4% plus lump sum of 3 x pension.

If your lump sum is £80,000 / 3 = £26,666.67 / 12 = £2,222.22 gross per month

You say the lump sum is less than £80k how much less?

A pension of £800 per month = £800 x 12 =£9,600.00 x3 =£28,800.00 lump sum

The figures only add up if you sacrificed pension for a bigger lump sum.

No it won't grow, you are wrong.

Hiding the thread now as it is full of numpties who are giving advice on something they know nothing about. Good luck OP!