What are the drawbacks in taking my 1995 now at 52 and returning part time still paying into the 2015 pension? . I think my lump sum would be £ 8000k less and monthly pension around £150 less abut I am getting it 8 years earlier and for longer ( hopefully). I don't understand pensions at all am I am being optimistic?
Yes one is in the works. Apologies, I have been hosting family at mine for 2 months and lost my studio. I am back on TH-cam, with more content (including this one) in the works.
How do you apply for your NHS pension if you are living abroad and is no longer contributing I am 2 years away from pension age.The state pension is that on it own ad do you have to apply for it aswell on a separate form.Thank you for your help and I am learning every day.
Thank you for the kind comment. My understand its that you would have to apply as a deferred member. And some additional forms may be required to have money transferred to an overseas account. Or indeed, (it may be easier), if you have access to an UK account still, to have the pension fall into there, and then you transfer it overseas separately. www.nhsbsa.nhs.uk/sites/default/files/2018-05/Payment%20of%20your%20Pension%20Abroad%20factsheet%20V5.0%2005.2018.pdf
I was thinking of claiming my 2015 pension in 2 years time when im 60. What is the penalty? I was told i could only have 70% of.my pension. Is that true? Many thanks for soing the videos on nhs pensions 😊
They document the penalty charges on this pdf (pasted below). What you have been told is correct? Assuming your NPA is 68, that means you are claiming it at 60 is 8years earlier. According to the fact sheet that's a charge of 34%. So that means you will only retain 66% of your pension.
Are you in the 2015 scheme? If so, taking it out a year earlier would constitute a 6% penalty fee on your entire benefits. www.nhsbsa.nhs.uk/sites/default/files/2019-08/Early%20Retirement%20factsheet%20%2805.2017%29%20V3.pdf Your pension is reduced to allow for the fact that it is being paid earlier than expected. Your dependents will still get any benefits they are entitled to in full. I will not be able to advise which route is better for you. From a money perspective, you will receive more benefits if you do wait until 66 (plus there will be no penalty fee). But if you value early retirement more than that, then I would suggest you should find out how much this penalty would cost you, plus how much is the benefit you will miss out on for working one year less. Once you have an idea of how much this is, then you can decide if its worth it. Many Thanks Kozan
If you work for the NHS for less than 3 years you are not entitled to a pension and need to claim your payments back. By law they will not pay interest..... so its a bit of a scam
Hi @tomd5678 Unless I have massively overlooked something, are you able to provide information about this? I can't find any information on this rule. Refund are only applicable if you: - left the Scheme before your Normal Pension Age (NPA) - have less than 2 years qualifying membership in the Scheme - have not had a transfer into the NHS Pension Scheme from a personal, money purchase or stakeholder pension - are no longer contributing to the Scheme unless there’s been a disqualifying break between your current and previous period of membership.
I have the forms I just need you to show me how to fill them in
What are the drawbacks in taking my 1995 now at 52 and returning part time still paying into the 2015 pension? . I think my lump sum would be £ 8000k less and monthly pension around £150 less abut I am getting it 8 years earlier and for longer ( hopefully). I don't understand pensions at all am I am being optimistic?
Are you going to do a video on ill health retirement?
Yes one is in the works.
Apologies, I have been hosting family at mine for 2 months and lost my studio. I am back on TH-cam, with more content (including this one) in the works.
How do you apply for your NHS pension if you are living abroad and is no longer contributing I am 2 years away from pension age.The state pension is that on it own ad do you have to apply for it aswell on a separate form.Thank you for your help and I am learning every day.
Thank you for the kind comment. My understand its that you would have to apply as a deferred member. And some additional forms may be required to have money transferred to an overseas account.
Or indeed, (it may be easier), if you have access to an UK account still, to have the pension fall into there, and then you transfer it overseas separately.
www.nhsbsa.nhs.uk/sites/default/files/2018-05/Payment%20of%20your%20Pension%20Abroad%20factsheet%20V5.0%2005.2018.pdf
Can you delay your deferred pension of 1995 if you receive Universal Credit ?
I was thinking of claiming my 2015 pension in 2 years time when im 60. What is the penalty? I was told i could only have 70% of.my pension. Is that true? Many thanks for soing the videos on nhs pensions 😊
They document the penalty charges on this pdf (pasted below).
What you have been told is correct? Assuming your NPA is 68, that means you are claiming it at 60 is 8years earlier. According to the fact sheet that's a charge of 34%. So that means you will only retain 66% of your pension.
I am 65 and 66 April 2025
I’d like to retire now however would the penalty for a year or would I be better not claiming my pension until I’m 66
Are you in the 2015 scheme?
If so, taking it out a year earlier would constitute a 6% penalty fee on your entire benefits.
www.nhsbsa.nhs.uk/sites/default/files/2019-08/Early%20Retirement%20factsheet%20%2805.2017%29%20V3.pdf
Your pension is reduced to allow for the fact that it is being paid earlier than expected. Your dependents will still get any benefits they are entitled to in full.
I will not be able to advise which route is better for you. From a money perspective, you will receive more benefits if you do wait until 66 (plus there will be no penalty fee).
But if you value early retirement more than that, then I would suggest you should find out how much this penalty would cost you, plus how much is the benefit you will miss out on for working one year less. Once you have an idea of how much this is, then you can decide if its worth it.
Many Thanks
Kozan
If you work for the NHS for less than 3 years you are not entitled to a pension and need to claim your payments back. By law they will not pay interest..... so its a bit of a scam
Hi @tomd5678
Unless I have massively overlooked something, are you able to provide information about this? I can't find any information on this rule.
Refund are only applicable if you:
- left the Scheme before your Normal Pension Age (NPA)
- have less than 2 years qualifying membership in the Scheme
- have not had a transfer into the NHS Pension Scheme from a personal, money purchase or stakeholder pension
- are no longer contributing to the Scheme unless there’s been a disqualifying break between your current and previous period of membership.