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?

Again.. specialist status… no reduction.

You need to speak to a pension advisors.

If you defer drawing your pension for x years, the value (pot) will go up. If you image in simplistic terms, your £800 a month will be reinvested.

It also sounds like you are taking the maximum lump sum, what happens if you don't

You would be paid more if you retire later because they will pay you for fewer years.

Retiring at 55 you are expecting your pension to support you for potentially 35+ years.

Pensions aren't designed to be optimal if people retire at 55 when the retirement age is 67.
You're also opting to take a large lump sum of 80k which will further reduce your monthly payments.

My aunt (NHS) was surprised to discover that her state pension was reduced (despite having more than enough contributions ) due to receiving her NHS pension…

Everyone needs to read the NHS pension 95 scheme before commenting because some of the advice on here is just not relevant to OP’s pension scheme.

I don't have experience of claiming nhs pension yet but it doesn't sound right to me either. That they have 'lost' years is unacceptable. From the details you provided, it sounds like you have 33 years in the '1995' section - final salary scheme. The normal pension age for this is 60 , not 67 or 68 as other posters may think and with special class status the pension can be taken at 55 without any penalties or deductions. I have 20 years in the 1995 section and my figures are higher than you have stated. I have been a band 8 for a while but even then, with 13 more years paying into this section than I have , I'd
expect your figures to be a bit higher than mine. You're also correct that leaving it for another 10 years is of no benefit to you. It's closed. So for every month after 55 that you don't claim it , you are effectively 'losing' the £800 per month. What are they doing to rectify the 'lost' years?

Now this makes sense!
I would be happy if this was the system!

Pengage is who you want
they also have a face book page

Presumable this is because the nhs pension used to be ' contracted out'.

Thank you for this!!

They investigated, it took about 3 months to “find” the 10 years of lost pension. It was a clerical error.

There is obviously a lower lump sum, higher monthly payments BUT the higher monthly payment is around £100 more a month th which is just rubbish.
Luckily I have another job, the pension will be a top up of that BUT what about those who don’t?! How on earth do they manage?

Did you not also pay into the NHS AVC scheme OP to top up your pension?

Exactly this

I think I contacted them. They charge over a grand for looking into NHS pensions for people, NHS pensions will do it for free so I went with NHS pensions who have access and know how.

AGAIN…..Special status. No reduction!!!!

It will not have been a 'bloody lot' compared to what those of us working today have to pay.
You likely only had to pay perhaps 5% of you pensionable pay in, to expect a similar pension we need to personally contribute probably nearly 15%
Check your privilege when you are talking about retiring at 55 🙄

also face book group
NHS pensions chat member led discussion

Surely what you have in there will still be invested and growing though even though you are not putting any more into it?

Rubbish. What a load of rubbish.
I paid in excess of £900 some months which when you are on shite pay is a bloody lot.

If you have nothing constructive to contribute, kindly don’t post. Move on.

Can you transfer your nhs to your private one? Sounds like you need proper pension advice from a financial advisor

Firstly you need to check which scheme you're in if it's not the 95 scheme then you don't have special status and your retirement is 65 or 67 (if you moved to the 2015 scheme), so you would be subject to an early retirement reduction. The reduction for the 09 & 15 scheme is approx 40% if you take your pension at 55.

If you moved to the 2015 scheme, your pension is calculated on your career average rather than your final salary, which will reduce your pension, so you need to see which scheme you're in.

There's a FB page for NHS pensions which is useful.

Finally talk to a specialist nhs pension advisor as they will be able to work out what contributes are missing and what impact this might have on your pension.

Are you sure this is ok. Can you ask someone to check it. If they lost parts of it is it all in the 1995 scheme? Is some in other schemes I thought everyone was moved? Did they consider you has having breaks when it was lost. You can ask them for a your pension spreed sheet and take it to a financial advisor.

But it will have to cover you for extra years from 55 to whatever age you would retire normally. Have you got a prediction of how much it would increase if you wait to 68 (or any other age) or if you don't take a lump sum at 55 or don't take all of the lump sum?

You need to find a financial advisor with NHS pension experience.

Did you really pay £900 pension contributions per month sometimes? That's a ridiculously high amount. How on earth does that work?

Do you have SCS? If you don’t then you will be taking a massive reduction by taking it before age 60, assuming you’re in the 95 scheme. Has the McCloud remedy been applied?