thank you for explaining this in such an easy to understand way, I have been a nurse for 20 +years so far (still working) and therefore paid into both 1995 & 2015 pension pots...I have 2 tabs on my TRS...does this mean that I will receive two incomes when I retire? (I plan to retire at 60 so I get that I can only get one of the pensions until I am 67 years old)
Hi Joanne, thank you so much for your kind words, and I am really glad you found the video helpful. Yes, your understanding is correct. You can consider each pension scheme almost like having two pension incomes, both with different normal pension ages. If you have any more questions, please do let me know!
Making money should be a routine A weak dollar can signal an economic downturn, making me to ponder on what are the best possible ways to hedge against inflation, and I've overheard people say inflation is a money-eater thus worried about my savings around $200k
Yes i agree and right now the markets are going berserk right now. This is the best time to watch them, get to know them better, and strike when the opportunity presents itself. I learned that from my mentor, ’Jenny Pamogas Canaya ’ she's seen dozens of market cycles over the past few decades, and she has a feel for how they move, why they move, and what comes next.
It's possible to statistically measure whether some decisions were wise. But in the real world, day to day, we simply don't. It's too hard. We prefer simple stories, which are easy but often devilishly misleading. the mentor i'm working with, made me know there is no faster way to feel rich than to spend lots of money on really nice stocks. It's really that simple."
Thanks for clear explanation.. just wonder if you can help answer my question; I'm in both 2008 and 2015 scheme member for 16years already as full time 150hrsstaff Nurse and now I'm planning to cut my hours to 92 hours.How this will affect my defined pension? Thanks.
In my history working for the NHS I have changed Organisation across different parts of the NHS but no breaks in between. Does TRS track across Roles and Organisation s in the NHS or just show the current Organisation you work for?
I've just discovered your channel after searching for help to understand my NHS pension schemes. Can you please explain the ill health retirement process for disability. I'm in 2 schemes & I don't understand the options on my statement. Thank you
Hi @harleymac6308, can you confirm the following: 1) Are you already on a ill health retirement plan? Or you are thinking of applying? 2) Does your disability prevent you from working in the NHS and/or any other field of work? Thanks
Hey. Thanks for explanation. But just looking at your spreadsheet calculator, are you adding the 3.5% to each cumulative year, rather than each years 1/54th. This makes the difference to the percentage being added at the end of each year rather than timesing the whole thing. Am I making sense. It makes for two very different numbers. I’ve only added it per year not on the whole amount. Thanks for clarifying. Ian
Hi very helpful. How I can calculate roughly my pension on retirement in 10 years? My mortgage lender wants to know and I only have my statement from March 23, is there a way to calculate approximately?
@@FinancialMadness Pls, Could you do a video on how to approach errors on the Total Rewards Statement? The Statement of Pay and Contributions letter dated 03/August 2023 had details of contributions up to the year ending 31 March 2023 but the statement that I was sent yesterday had my entire pensionable earnings and contributions earned in the year ending 31st March 2023 completely disappeared. To my amazement, the lady stated it was up to date. My earnings for April 2022 to 31st March 2023 all disappeared from my TRS. Also,The Contributions for that period. according to the TRS statement, the lady on the phone uploaded and sent via email to me yesterday. Fortunately, I compared the TRS details with the letter dated 3rd August 2023 so there are errors. What do I do? Should I contact the Pensions Ombudsman?
Great videos thank you. Question: I have 16y in the 1995 scheme, is there any benefit to NOT starting to take that pension at age 55? Ie. Will the annual pension figure for that scheme increase if I was to leave it in there til I actually retire at 60? I don’t really need the cash yet as I’m still earning so I figured I’d leave it alone for now. Thanks in advance.
Yeah sure. The formula goes like this: (1/80) x final pensionable pay x years of membership. Breaking this down means they: 1) first look at your last 3 years of salary and they would take the best salary from those 3 years, this is what is classed as your final pensionable pay. (e.g. £35,000) 2)secondly, they look at how long you have been a member of the 1995 scheme. (e.g. 20 years and 213 days = 20.58) 3) They time 1) & 2) with (1/80) So using my examples (e.g.) this would give you: (1/80) x £35,000 x 20.58 = £9,003.75 per year Hope that makes sense, please let me know if you have any more questions.
I have a question: My normal pension age is 55 and I want to take the 1995 part when I am 59. Do I take it that the amount will grow with CPI plus index link 1.5% in a year even though I am no longer paying in. I just want to know how much less I will get if I take it at 59 and not 60. Thanks
Question1>. Can you tell me if the1995 Lump sum when taken at retirement counts towards your 25% tax free lump sum? Or it seperate. I know you can take more lump sum or less that default but just wondered if it counts as part of the LTA 25 tax free? Question2> Is TRS going to provide staff with a full estimation showing the McCloud result in their years pension estimation's for retirement.
Hi I have just received my Pension Calculation, I have opted for partial retirement, my final salary is 24,417.00, I have been told my maximum lump sum is £27440.00 and my standard benefits are 13,058.00 - I do not feel this is correct
Sir thank you for the informative videos.its really a big help and guide.if its ok,can you please make a video regarding the receivables or income total monthly of a retired NHS employee with a salary of £25,000 yearly with 30 years in service.pls show exact amounts monthly and all the income monthly including state pensions etc.i just want to know the numbers monthly income of a retired nhs employee..thank you so much..
Thank you for very informative video. I would be grateful if you can please answer my questions : I am NHS employee and I will have contributed to NHS pension for 35 years by the time I am 68. Now let’s say, me and my nominee both die within 5 years of retirement (i.e. 73), what happens to the money left in the pot?
Hi there, What an excellent question. Although I couldn't find documentation on what would happen in this scenario. This is the same as passing away and having no nominated partner, civil partner or spouse. In this case, your death benefits would be counted towards your estate (i.e. your assets) and will be shared as per your inheritance along with your assets/estate. www.nhsbsa.nhs.uk/sites/default/files/2021-07/Survivors%20Guide%20%28V10%29%2007.2021.pdf
Not sure I understand the question. Do you mean if your children are too young or too old? Either case it shouldn't be a problem. I believe if your children are too young, the funds are held until the reach a specific age
Thank you. Your video was very helpful and very well presented!
Thank you for making sense of this headache for me :)
Excellent explanation
Thank you. I'm glad you found it helpful
thank you for explaining this in such an easy to understand way, I have been a nurse for 20 +years so far (still working) and therefore paid into both 1995 & 2015 pension pots...I have 2 tabs on my TRS...does this mean that I will receive two incomes when I retire? (I plan to retire at 60 so I get that I can only get one of the pensions until I am 67 years old)
Hi Joanne, thank you so much for your kind words, and I am really glad you found the video helpful.
Yes, your understanding is correct. You can consider each pension scheme almost like having two pension incomes, both with different normal pension ages.
If you have any more questions, please do let me know!
Thank you.
May I ask why there is a fee for sending off a request for an estimated benefit statement, and what sort/amount that might be please?
Making money should be a routine A weak dollar can signal an economic downturn, making me to ponder on what are the best possible ways to hedge against inflation, and I've overheard people say inflation is a money-eater thus worried about my savings around $200k
Yes i agree and right now the markets are going berserk right now. This is the best time to watch them, get to know them better, and strike when the opportunity presents itself. I learned that from my mentor, ’Jenny Pamogas Canaya ’ she's seen dozens of market cycles over the past few decades, and she has a feel for how they move, why they move, and what comes next.
It's possible to statistically measure whether some decisions were wise. But in the real world, day to day, we simply don't. It's too hard. We prefer simple stories, which are easy but often devilishly misleading. the mentor i'm working with, made me know there is no faster way to feel rich than to spend lots of money on really nice stocks. It's really that simple."
Thanks for clear explanation.. just wonder if you can help answer my question; I'm in both 2008 and 2015 scheme member for 16years already as full time 150hrsstaff Nurse and now I'm planning to cut my hours to 92 hours.How this will affect my defined pension?
Thanks.
In my history working for the NHS I have changed Organisation across different parts of the NHS but no breaks in between. Does TRS track across Roles and Organisation s in the NHS or just show the current Organisation you work for?
I've just discovered your channel after searching for help to understand my NHS pension schemes. Can you please explain the ill health retirement process for disability. I'm in 2 schemes & I don't understand the options on my statement. Thank you
Hi sure. I am currently on holiday. But will be sure to respond back shortly
Hi @harleymac6308, can you confirm the following:
1) Are you already on a ill health retirement plan? Or you are thinking of applying?
2) Does your disability prevent you from working in the NHS and/or any other field of work?
Thanks
Hi,
Can you please explain GAVC and some recommendation for investment choices for a person who is approaching the pension age in the coming years
Hey. Thanks for explanation. But just looking at your spreadsheet calculator, are you adding the 3.5% to each cumulative year, rather than each years 1/54th. This makes the difference to the percentage being added at the end of each year rather than timesing the whole thing. Am I making sense. It makes for two very different numbers. I’ve only added it per year not on the whole amount. Thanks for clarifying. Ian
Hi very helpful. How I can calculate roughly my pension on retirement in 10 years? My mortgage lender wants to know and I only have my statement from March 23, is there a way to calculate approximately?
Hi there,
I do mention the options available to you in this video from 10:38
Please let me know if this is unclear. Many Thanks
@@FinancialMadness Pls, Could you do a video on how to approach errors on the Total Rewards Statement? The Statement of Pay and Contributions letter dated 03/August 2023 had details of contributions up to the year ending 31 March 2023 but the statement that I was sent yesterday had my entire pensionable earnings and contributions earned in the year ending 31st March 2023 completely disappeared. To my amazement, the lady stated it was up to date. My earnings for April 2022 to 31st March 2023 all disappeared from my TRS. Also,The Contributions for that period. according to the TRS statement, the lady on the phone uploaded and sent via email to me yesterday. Fortunately, I compared the TRS details with the letter dated 3rd August 2023 so there are errors. What do I do? Should I contact the Pensions Ombudsman?
Really useful
Can you apply online for your pension to be paid out and when you rich the age they mention
Great videos thank you. Question: I have 16y in the 1995 scheme, is there any benefit to NOT starting to take that pension at age 55? Ie. Will the annual pension figure for that scheme increase if I was to leave it in there til I actually retire at 60? I don’t really need the cash yet as I’m still earning so I figured I’d leave it alone for now. Thanks in advance.
Hi!! Can you explain the last 3 years calculation of 1995 nhs pension scheme or how dose it work?
Yeah sure.
The formula goes like this:
(1/80) x final pensionable pay x years of membership.
Breaking this down means they:
1) first look at your last 3 years of salary and they would take the best salary from those 3 years, this is what is classed as your final pensionable pay. (e.g. £35,000)
2)secondly, they look at how long you have been a member of the 1995 scheme. (e.g. 20 years and 213 days = 20.58)
3) They time 1) & 2) with (1/80)
So using my examples (e.g.) this would give you:
(1/80) x £35,000 x 20.58 = £9,003.75 per year
Hope that makes sense, please let me know if you have any more questions.
I have a question:
My normal pension age is 55 and I want to take the 1995 part when I am 59. Do I take it that the amount will grow with CPI plus index link 1.5% in a year even though I am no longer paying in. I just want to know how much less I will get if I take it at 59 and not 60. Thanks
Question1>.
Can you tell me if the1995 Lump sum when taken at retirement counts towards your 25% tax free lump sum? Or it seperate.
I know you can take more lump sum or less that default but just wondered if it counts as part of the LTA 25 tax free?
Question2>
Is TRS going to provide staff with a full estimation showing the McCloud result in their years pension estimation's for retirement.
Hi I have just received my Pension Calculation, I have opted for partial retirement, my final salary is 24,417.00, I have been told my maximum lump sum is £27440.00 and my standard benefits are 13,058.00 - I do not feel this is correct
I have tried to download the spreadsheet but it won’t let me save a copy
Ok. I am currently not home, but I can check this and get back to you. What error message are you getting when you try to download a copy?
@@FinancialMadness thanks for your help will try and download on a different laptop
When I go to the NhS pension tab (3rd one along) it gives me no Information and that I have to request a statement
Thanks for sharing. That is odd, how long have you been enrolled in the scheme might I ask
@@FinancialMadness since 2009
Sir thank you for the informative videos.its really a big help and guide.if its ok,can you please make a video regarding the receivables or income total monthly of a retired NHS employee with a salary of £25,000 yearly with 30 years in service.pls show exact amounts monthly and all the income monthly including state pensions etc.i just want to know the numbers monthly income of a retired nhs employee..thank you so much..
Can I get your calculation please thank you.very good program,
Thank you for very informative video. I would be grateful if you can please answer my questions :
I am NHS employee and I will have contributed to NHS pension for 35 years by the time I am 68. Now let’s say, me and my nominee both die within 5 years of retirement (i.e. 73), what happens to the money left in the pot?
Hi there,
What an excellent question. Although I couldn't find documentation on what would happen in this scenario. This is the same as passing away and having no nominated partner, civil partner or spouse.
In this case, your death benefits would be counted towards your estate (i.e. your assets) and will be shared as per your inheritance along with your assets/estate.
www.nhsbsa.nhs.uk/sites/default/files/2021-07/Survivors%20Guide%20%28V10%29%2007.2021.pdf
If I nominate my children. Is there a cut off age for them to be entitled to my pension?
Not sure I understand the question. Do you mean if your children are too young or too old?
Either case it shouldn't be a problem. I believe if your children are too young, the funds are held until the reach a specific age
I think unless they are classed as vulnerable adults or have disabilities, then the cut of age is 23
Thank you
I am glad you found this helpful!
I certainly did, I have just received my first NHS TRS and this explanation helped 👍🏻
How can I get my esr number
I’m member of NHS England pension scheme I joined back in June 2022 can I news pension fund though ESR went I get paid your sincerely Mr Ian Isted
Thank you
You're welcome