Hi, thank you for your explanation. My question is : 1. How is the 20% employer contribution, contributed to our pension? 2. How will taking a lump sum amount at retirement affect our pension? Eg: If at 69 y/o I decided to take a lump sum, will I get annual pension at 70y/o?
Hi would like to ask I have completed nhs 3 years,was in nhs pension but now I have to leave the country due to personal issues will I get the money back at any point and do you know after how many years will I get it and can I get it in my Indian bank account
Thanks for such a great video . But there are some questions in view of deciding if this would be the right pension for you. NHS pension- Now you only have access to this only while you are working for the NHS . If you plan to move abroad for example (then you do not pay in further contributions ). Also the money that you paid in for the short time is now locked until retirement . Meaning when you do retire the amount that you get is very less compared to what you put in. So this scheme looks like only worth it if you plan to stay in the UK and more importantly STAY in the NHS ( which we do not know how the future looks like with the NHS ) until you retire to reap the benefits . Secondly they say if you move abroad you can transfer the NHS pension to another similar scheme but difficult to find a defined benefit scheme . So I think its only a decent scheme if you plan to stay in the UK and Plan to continue working for the NHS until you retire is that correct? In this case the Defined contribution scheme looks more appealing as you might have a more flexible approach to it.
Great explanation. It all looks nice on paper but 68 years is now - what will be retirement age in 30 years? :) Are you sure that Bob will survive by 20 more years after retirement age (LTA/annuity)? You can get the same number (as LTA) in 30 years due to compound interest of 9% - tricky but doable if you know how to invest. It WAS "the best pension in the world" at some point, not any more. P.S. And what happen to employer contribution amount? That mantra is everywhere... Does it affect your annuaty?
Thank you for this, much appreciated. Can you tell me what would happen to my NHS pension if, at 57 years old (and 35 years full time NHS), I decided to work part time e.g. 3 days per week? I opted to remain in the 1995 section, though understand that from July this year I will be contributing to the new CARE pension system (plus have the 7 yrs 'remedy' choice). If the 1995 section is 'the best year from the last 3 years worked' and I work 3/5 days, would my pension end up reduced to 3/5?
If we opt out of pension after 1 year, Do we get the amount which NHS also contributed to it? ( for eg: The salary is 2000 pounds. I have contributed 200 pounds each month and NHS contributed 400 ( 20% of 2000) each month. If I opt out after 1 year, do I get 7200 pounds? (200 * 12 + 400 *12)
I opted out before completing 2 years in 2017. In my experience you will get less than what you contributed (as in your example less than 2400 depending on the tax slap you fall in, at least 20% less). One doesn't get the NHS contribution, that is notional.
Hello sir, what if we work in NHS for only 3-5 years while paying to the NHS scheme and then we discontue our job, will I get the Amount back which i invested in the NHS pension?
Can I have my pension paid to my SIPP account by my employer? Or do I need to opt-out of the NHS pension scheme to do that? Also, if I opt-out of NHS scheme, would I receive that amount with my salary?
Very informative video. If we decide to opt out after few years, will we get the lump some amount that we contributed till then after tax deduction at once
If someone starts working as an IMG doctor in the NHS at the age of 37 to 40 years-old, will the pension that he gets will be enough for him and his family to live comfortably in the UK ?
Very informative video Dr. Hope you can answer these questions. 1. Can we opt in later if we initially decided to opt out? 2. What happens to the pension if I decided to leave UK to come back to my home country?
1) Yes. 2) It would depend on when you left and how much you had contributed/accrued at that point, but you would still be able to collect it even if you no longer resided in the UK.
thank you for your valuable and amazing videos, actually, your channel and blog have been a long-term companion in my UK journey. I wanted to ask if we could have a break from contribution to the scheme ( especially at the beginning of NHS work? if yes how long could it be to be able to come back or start our contribution again?
1)What if we shifted to india after retirement , how will we get our pension 2) if we retire after 68 yeqrs and if we die at 70 yrs , will my wife or children get the remaining 18 yrs pension amount?
1) Transfer that money to your Indian bank account. 2) You name a beneficiary, but a legal spouse typically will get your pension without your needing to specifically say it. They can opt for a lump sum or a continuing pension at 33.75% of the pensionable payment.
Great video Dr. just one doubt, can you retire before minum retirement age (55 years) , what happens to the money I contributed earlier, will I get it back, since the minimum age limit is 55.
Salam. Any comment on the state pension then? Is that a separate entity? As I understand it, 35 years of paying NI entitles one to state pension. Would that be separate from NHS pension or ?
Do you think its hard for the ones who didnt study in english to pass all the steps ? Do you work with doctors who didnt study medicine in english ? What should we do ? We studied in french!!!.
I have worked 30hr week for last 25yrs ,previous to which I was full time . Pension years 34 (member for 38yrs). To retire March 22 age 65.is it beneficial/possible to top up /buy pension . Would I be able to work again through private company
Let's suppose I work for the NHS for a few years and I opt for NHS pension and then later on I decide to leave the UK and work somewhere else, what happens to the amount of money I've contributed to the scheme upto that point?
@@RoadToUK In case of moving back to home country after completing training in UK .Can we take back(as lump sum) the pensionable amount contributed by us during stay in UK say for 8 years . Thanks
Hi very informative.. thank you so much.. I am in UK for a medical training initiative.. and will be working for 2 years.. what will happen to my NHS pension contribution.. can I withdraw it at the end of my tenure as a lump sum?? Or should I wait till my retirement age.. I am confused how the money will come back to me.. really appreciate if you could give your comment on that..
Hi Doctor, Thank you very much for this informative video. I appreciate it. 1) Does the annual pension always grow by 1/54th? 2) Where can I find that information? Many thanks
Hi ... I have been applying for NHS jobs/fellowships for quite sometime now.. but i haven't heard from them. I want to join Pediatric gastroenterology fellowship in u.k. Can u pls help me with that ??
As of April next year, we get the 7 years back from the 1995 pension. I will be 55 then, is it worth me staying the 2015 when my 1995 allows me to retire at 60? Also, with the 2015, we paid a lot larger contribution into it. Do you think all of that money will go back into my 1995 or just the money I would of paid in?
@@RoadToUK Can we come back from UK after getting registered with the GMC and apply for Jobs online or is it better to stay there until we get a call or two for interviews. Waiting for your response doctor.
Hi i have worked as an interpreter for about 14 years but only earned about 4 to £600 per annum. I opted out of the scheme. At age 49 i have started work full time earning 19980 per annum with the nhs. Is it worth me 1. Paying into the nhs scheme at this age? 2. Should I pay for the years I did not pay it as an interpreter?
As a GP Partner, I have to also pay my own employers contribution - which means I have paying approx 28% of my salary into the pension. Feels like a lot!
hii guys, i heard that many are waiting for nhs job since like 2yrs even aftr passing plab.i just wanna know is it good to go for plab at this tym for beginners??are they really facing this?? is it due to pandemic or due to non avaliability of jobs??if yes will it be resolved?? please if u guys know anything regarding this just reply nd i think many of them have same doubt. thanks in advance😊
Doctors are listed as a shortage occupancy in the UK. That being said, you still have to make an appropriate and well-written job application. Many IMGs are joining every month with just internship experience and soon after registration. You just need to know how to apply. We have an entire playlist dedicated to that process.
Doc … what kind of benefit will get to Dr. Bobs spouse if he dies after 2 years of joining in NHS .. Death benefit Life assurance and family benefit ???
If the annual salary changes the 1/54 value will also change. Therefore, how would the final yearly value be calculated? Will it be 20* your highest contribution value?
Oh my God, it's outright theft. The retirement age is very high. I can invest the extra money in investment funds and they can reach similar numbers, but the difference is that I can get an annual return from the investment. For example, if I invest 350 pounds over 39 years, I can get more than 1 million pounds when I reach retirement. The difference is that I can use the money as cash quickly when needed, rather than being stolen by a group of thieves sitting on luxurious leather chairs.
