NHS Pension explained - 2023 update 

Great great info but it will be nice to have a real case Scenario of a Band 6 Mid Band normal NHS worker and estimate final salary pension at 57, 60, 65, 68 years old since many people do not want to retire at 68! NHS pension is a mess, paralysis by analysis, and need a clear cut example to understand and what the options available are. Too many ERRBO, AVC, etc... My husband in the Private Sector and understanding Salary Sacrifice AVC is so so simple. You need a lawyer and accountant combined to understand the NHS. I think it's on purpose somehow :)

You are a legend. Why is this info free? Thank you 🙏🏾

Hi , I am a consultant and having contributing to 2 pensions . I have been working as full time in As Consultant in 1 trust , paying 13.5% pension in this trust. I have beeping also doing some emergency on call shifts in my previous trust as NHS bank and also contributing 9.5 % pension contribution , for last five hrs. I am in 1995 pension scheme . My question .. will my earning as nhs bank shift , about 35 - 40K per year , will added in my final year salary , pension benefits.. Thanks

How on earth is anyone meant to understand their NHS pension? It’s deliberately complex.

Thanks so much! This is the clarity / understanding I've been trying to get to unsuccessfully for about 3 yrs! Guide is super helpful too - extract and TRS requested.... Bit of tangent question. One of the podcast previously, I think mentioned ERRBO - and that doing so may fix your pension age rather than keep it linked to the state pension age..... but I've struggled to find evidence for this anywhere since - did I misunderstand this is or is that true? TIA

I was seriously injured on duty & abandoned by Poole hospital, they told lie after lie .I proved I was injured on duty & 13 years later finally received the permanent injury pension, yet not one pen pusher fired for lying to NS pensions & to pension ombudsman. I still have issues as feel im under paid the injury pension. NHS staff are treated as cannonfodder

Thank you, really clear explanation

Really interesting thaank you, still finding the whole pension outcomes calculation quite confusing, Ive been in NHS since 95, so 95 scheme, 2008, 2015 scheme now ...dont quite get best options for ensuring stable and correct income for me as I approach last 5-8 years before looking to retire... the Mcloud outcome as well has added a decision complexity that i don't quite understand...would be great to have a session on this please

As part of the Mccloud remedy question sent to me I have been asked whether I wish to go back to the 1995 legacy scheme or stay with the 2008 legacy scheme which I switched to at the time or original asking. I have been told that I will be asked at retirement whether to have the remedy period in the legacy scheme or the 2015 scheme and that will be with figures. However I have not been presented any figures now to judge which legacy scheme is best for me. I had this same dilemma when I originally had to choose. I have not seen any advice given on this aspect on the Mccloud judgement. I plan to retire at 62 and so am thinking the 1995 scheme would be best for this as there would be no early retirement penalty and I am also planning to only take the 2015 pension upon reaching that NPA of 67.

Thabk you for helpful content. Could you help me with this query. If you only work as a Bank staff and have pension contribution deducted at 6.8%. How is the annual pension calculated. I understand usually its 1/54th of pensionable pay/yr but what calculation is done when you don't have a defined salary as working via Bank?

18:05. Regarding combining the pension input amounts from the 1995 and 2015 scheme: did this apply in only to tax year 2022/23 or is it also applicable in 2023/24?

Great video thanks I have a question... My NHS Annual salary is 72000 before Tax and NI.... So regarding my contribution to pension will be before OR after Tax ?

Is the pension savings statement you show available on TRS? Thanks

When you are calculating your threshold income and you are including income from rental of property, do you use the gross figure or are their deductions as on your self assessment. Eg if you charge the tenant £1000 a month this is your gross income but on your self assessment you deduct allowances eg for servicing interest or fees associated and some for upkeep or repairs etc. Is the net table rental income that you put on your self assessment what you use when you are calculating the threshold income for purposes of seeing if you are tapered?

So helpful thank you

with new rules since Oct, my salary is 26520 (2210 a month), is this the figure used to calculate my contributions, or if I do overtime is this added to the figure to work out my contributions? (IE I earned £2543 last month and paid £249.24 in contributions) but 8f its just based on salary i should of only paid £170.17.

I have exceeded my LTA and therefore pay a charge on my DB NHS pension. With LTA now being removed will I have to still pay any charge if I crystallise a separate private pension?

Are these calculations just for Medics in the NHS?

im an FY2 if i leave to fully move to australia will i have wasted all my money i paid the last 2 years :( wish i had opted out

Can you take the 1995 pension if your not paying into it,or retire and return

Thanks so much! Just one question, what is the earliest you can request a closing value on pensions. For e.g. if im also contributing to a sipp and want to be withing my aa, the last date to deposit a sipp is also the 5th apr. Can closing values be requested calculated earlier than this?

Omg its so confusing ok can i ask u. This im taking my pension i. March next year after 2 years of service in nhs im do 15 hours a week. How much will i get from my pension im be. 65 years

Hi Thanks for Nice Video.... I am joining NHS with Salary of 93000/month before Tax... Please Calculate NHS Contribution per month and My Contribution per month based on this salary.....

I hate pension , they make it so complicated and I constantly feel like a fool ...I just wish they pay us gross and leave us alone 😔

shame the audio is so poor. Try and invest in some proper microphones