Now i'm 55

[Accy cyclist]

Can i have my pension? I didn't want to temp fate by talking about it before i reached the age, but now i have i'd like to know where i stand with my small work place pension. It's a few thousand accrued over the time i worked for the NHS. It's been there 30 years but if possible i'd like to take some of it out. Any advice please?

 

[midlife]

You can't take your NHS pension as a lump sum, I guess at your age you kept the original terms so that's 80ths of your final salary for each year worked at age 60.

Same salary as me, NHS aged 55

Shaun

 

[swee'pea99]

The rules have changed quite recently, and I only have my usual half-remembered wildly inaccurate flail of ignorance to offer, but as I understand it, from 55 you can start withdrawing your pot as lump sums (before the change, you weren't allowed to - you had to use it to buy an annuity), though there are limits on how much you can withdraw per year, and before it's taxable. I think it was something like up to 25% of the total in any given year.

 

[midlife]

The NHS pensions mob at Fleetwood can give you the run down or if you are still in the NHS then you can get the info via payroll / ESR.

The NHS pension is unfunded, so there is no pot of money to take. You do get a small lump sum on taking your pension but that is essentially fixed.

Shaun

 

[gavgav]

The NHS pension is so complicated these days, as depends what version you are a member of. I would talk to your advisor at work

 

[gavgav]

The NHS pensions mob at Fleetwood can give you the run down or if you are still in the NHS then you can get the info via payroll / ESR.

The NHS pension is unfunded, so there is no pot of money to take. You do get a small lump sum on taking your pension but that is essentially fixed.

Shaun

That's if you can fathom out how to use ESR. What a user un-friendly system that is!!

 

[midlife]

That's if you can fathom out how to use ESR. What a user un-friendly system that is!!

ESR = spawn of the devil

Shaun

 

[ufkacbln]

ESR = spawn of the devil

Shaun

Off Topic

I had to promote a member of staff on their qualification

However because they have been given an annual increment I cannot promote them because the date of the exam (backdated) is before the increment which blocks all changes

Having spent two hours ( with the all to frequent logging out) I ended up with an email to HR

I could probably save about 5 % of my work time if I didn't use ESR

 

[Levo-Lon]

Have a good un @Accy cyclist

i was told to call back in 5 yrs regarding a pension scheme i started yrs ago,only a few k in it so thought i try and take it out..im 50 ,so maybe you can

 

[Mrs M]

Happy birthday
I enquired about my pension recently but being only 49 they told me where to go .

 

[GrumpyGregry]

My understanding is that the lump sum jobbie only applies to defined contribution (DC) schemes and not final salary defined benefit (DB) ones, like that of the NHS. Only the NHS Scheme administrators can tell you if you can draw the pension, rather than taking the cash, at 55.

I have three pensions I can claim on 5.12.15 Two are DC one is DB. The DB one is staying exactly where it is until, if I'm spared, I'm 60. The larger of the two DC ones, one which I'm no longer contributing to, is being transferred into my current DC scheme where the admin fees are lower and the options on retirement are greater, and the other, only two or three grand, is being cashed out provided my accountant confirms that is good to go, income tax wise.

The main benefit I can see to being 55 is it move me up an age-grade group at parkrun. So I automatically become a better runner, on paper. Same time = better age-grade %.

 

[SpokeyDokey]

Happy B @Accy cyclist

No idea how an NHS pension works although plenty of pointers up-thread.

Although some way off it might be a good idea to get your head around the State Pension if you haven't already done so - it's a complete minefield tbh.

My understanding is that you can no longer get a State Pension forecast until you have less than 10 years to go before your pensionable age.

***

The New State Pension is a bit of minefield really and is best explained here:

https://www.moneyadviceservice.org.uk/en/articles/the-new-state-pension-rules-and-changes-explained

Note the best old scheme/new scheme scenario - ie you will receive the best of the two possible outcomes.

***

However, the waters are seriously muddied if you were ever contracted out of SERPS/S2P as you would have been paying less in terms of NI contributions (as would your employer too).

Basically, your additional state pension (SERPS or S2P ie the extra component over and above the basic State Pension that you would've received under the old scheme) will be reduced according to the number of years that you were contracted out and presumably (can't find any calculation on this) what you earned (? for anyone who knows). The relevant info' is some way down the doc'.

https://www.gov.uk/government/uploa...ent_data/file/372563/dwp026-state-pension.pdf

Many people have been shocked by how much their Additional State Pension is reduced by to account for any contracted out periods. Surprisingly, some people have been surprised by any deduction at all being made - although to be fair when SERPS fever hit many schemes were not properly explained as far as I can gather.

If you are in the fortunate position of having a State Pension Forecast, that includes any SERPS/S2P benefit and that is in excess (after the above deduction), of the New State Pension you will receive the 'excess' as a protected payment for the duration of your pension whilst it is payable.

The amount of reduction can be substantial ( a relative term depending on your circumstance I guess) - mine was in the region of £4k although this still leaves me with a decent enough protected payment. I was a bit surprised at the size of the amount for 12 years contracted out. No calculations are supplied as to how the calculation is made btw. Nor can I find out how to find them (? anyone know how).

NB: unlike the New State Pension which is currently triple locked for 5 years any protected payment does not benefit from this and is subject to a general cost of living uplift instead.

NB2: the protected payment is payable at the rate of 50% of the sum if your partner (married or civil) is still living after your death.

NB3: if you are unsure If or how long, you were contracted out you can phone this Gov' helpline (have your NI number to hand) 08459 150 150 they will give you all relevant from/to dates.

***

That's about the sum total of my knowledge - very happy if someone can correct any errors and/or add any further info'.

Apologies if I have got anything wrong!

 

[Lullabelle]

We all recently had statements from our company pensions, quite frankly it is s***e good job we are doing a bit of saving ourselves.

 

[Mrs M]

We all recently had statements from our company pensions, quite frankly it is s***e good job we are doing a bit of saving ourselves.

Snap .

 

[SpokeyDokey]

Have a good un @Accy cyclist

i was told to call back in 5 yrs regarding a pension scheme i started yrs ago,only a few k in it so thought i try and take it out..im 50 ,so maybe you can

The minimum age is now 55 although some schemes eg British Aerospace have some members who are still allowed to take their pension at age 53 - don't understand the ins and outs of this tbh so always best to check each scheme on an individual basis.