If you plan to work in the NHS until retirement and you are in your twenties you can opt out, save money and buy a property as soon as possible. If you are in your mid thirties it is advisable to contribute to the NHS pension. If you are 35 years old it means you will work for 33 years that is if you are retiring at 68. 33 years is enough for pension contribution. If you started contributing at 25 years old it means you will contribute for 43 years which I believe is too much. If you do not plan to work until 68 years i.e. you plan to retire early, then it is advisable to start contributing early.
Easy for me to say I’ve been in DB pensions for 32 years……..stay in them people, get in them……it’s the easiest investment decision ever. And the NHS scheme re-values at CPI +1.5%!!!
Informative - I work in the NHS and I considered opting out of the pension scheme at some point, however, when I thought about what I'd be losing out in the long run including increased tax deductions, student loan, increase in NI deductions. I concluded that it was not worth it.
I shared the same opinion about the pension scheme even without giving all the figures and statistics much thought🤣 I didn’t opt out and have no regrets….for now 🤷
I only been in the NHS for a few months. I'm opting out to reach my savings goals this year faster. Next year I may opt back in. Or just use the money to contribute towards my investment ISA.
Can I still use the NHS scheme when my employer pays into a private one? Also can I opt out of the private pension scheme and enrol in the NHS pension scheme, without working directly with NHS?
If you plan to work in the NHS until retirement and you are in your twenties you can opt out, save money and buy a property as soon as possible. If you are in your mid thirties it is advisable to contribute to the NHS pension. If you are 35 years old it means you will work for 33 years that is if you are retiring at 68. 33 years is enough for pension contribution. If you started contributing at 25 years old it means you will contribute for 43 years which I believe is too much. If you do not plan to work until 68 years i.e. you plan to retire early, then it is advisable to start contributing early.
Easy for me to say I’ve been in DB pensions for 32 years……..stay in them people, get in them……it’s the easiest investment decision ever. And the NHS scheme re-values at CPI +1.5%!!!
Informative - I work in the NHS and I considered opting out of the pension scheme at some point, however, when I thought about what I'd be losing out in the long run including increased tax deductions, student loan, increase in NI deductions. I concluded that it was not worth it.
Great content
Please can you help me with nhs the pension opt in form?
You can op out and opt in at any time... e Don do abeg
Thank you so much my brother for this analysis. Your content are awesome.
I shared the same opinion about the pension scheme even without giving all the figures and statistics much thought🤣
I didn’t opt out and have no regrets….for now 🤷
😁 Well done
Educative content. Thanks bro Solo😊
I’m glad you found it helpful.
Never opt out of a government pension, whatever your future plan. Every professional financial advisor will tell you that
I only been in the NHS for a few months. I'm opting out to reach my savings goals this year faster. Next year I may opt back in. Or just use the money to contribute towards my investment ISA.
Can I still use the NHS scheme when my employer pays into a private one? Also can I opt out of the private pension scheme and enrol in the NHS pension scheme, without working directly with NHS?
You need to be working in the NHS to benefit from the scheme.
keep it up sir solex. we will never forget you here in nigeria. you have been a good a good philantropist even before you left for Uk. keep it up bro.
Awww… thank you. I’m honoured 🙏
Are you from Akwa Ibom?
No, I’m not 😊
don't regret it. why don't you opt back in