Pension switch

[Ming the Merciful]

Yes, band 6 usually goes up to four bands at the top band with overtime you earn more than a senior officer grade as you don't get paid overtime - but the salary of a senior officer would be greater in the last year as it's the final salary - overtime or bonuses are not taken into account when your final years pension is worked out so staying on grade 6 is advisable for today etc, but you will pay 6% & not contribute to your pension on overtime or any bonus scheme -

At the end of the day, you should aim to get promoted just before you retire - bear in mind also if you are unfortunate to become very ill you get full pension for 40 years now depending on how many years you have in etc - plus there is an early voluntary retiring option called EVR - if the NHS deems you have close to 40 years etc & want to cut back etc

Do not work over your pension limit as you are just wasting contributions ....

My suggestion is the private pension you have, ask your Union advice on buying more years of your NHS pension if it's feasible depending on your circumstances etc

The government are doing their best to do away with final year salaries, as they are fantastic if you get your service years in, or even 2/3rds etc

Once you start them, they are usually contractual in law - check that out - you also don't pay any NI when you get your pension, but they are taxable .....

Nah I've worked higher levels before and purposefully took the step down to spend more time with patients and less time with spreadsheets and pointless meetings.

I don't work any overtime, I work my contracted hours and have good routine with cycling and swimming and family time to keep me mentally well.

I'm on a good salary but I don't want more, the cost to my mental wellbeing is not worth the sacrifice.

I'm hoping to work as long as I can, I enjoy my role and work is good for mental health. - purpose, structure, social interaction.

I'll definitely speak to Union and get some advice though mate thanks lots.

 

[Rita_Poon]

How I know all this is because as an LG officer - I had to retire early on 2/3rd pension via ill health - the new law of getting a full pension did not come in till 8 years later - I was a senior officer & my top retired Director kindly became my advocate & sorted it all out to me explaining everything on LG pensions .... Plus fighting my corner for me ....with my Trade Union .....

The gentle ribbing you get on here from at least me is not personal at all. The Bergerac stuff and the poly tunnels is all a harmless laugh I hope.

You getting ill is no fairytale, it sucks when our health deserts us. I'm glad you had some good people in the trenches with you to go through what you had to fight for. It's always nice to hear when a top of the line other comes to the assistance, shows they're human and that they care. Not all of them are money grabbing vipers.

I'm not gonna stop the John Nettles stuff.

 

[Joey66]

Nah I've worked higher levels before and purposefully took the step down to spend more time with patients and less time with spreadsheets and pointless meetings.

I don't work any overtime, I work my contracted hours and have good routine with cycling and swimming and family time to keep me mentally well.

I'm on a good salary but I don't want more, the cost to my mental wellbeing is not worth the sacrifice.

I'm hoping to work as long as I can, I enjoy my role and work is good for mental health. - purpose, structure, social interaction.

I'll definitely speak to Union and get some advice though mate thanks lots.

Believe it or not, my Union official used to go in with an employee to fight for them to stay on level 6 - as paywise they were worse off ...overtime bonus etc ....- Senior officers have to put many hours in unpaid ....

 

[Alanbileysfeathercut]

Old pension was private sector aviva.

No idea about the NHS one, it's just the standard contributory one.

I've just moved my aviva pension.
It was with my last proper job,
It was a non contributed DB.
It's steady at aviva.
You.can speak to aviva, they won't advise tho.
It depends on your age.
Is there a 'pot' with the nhs one?
Can you see what your pot is?
Can you transfer the nhs one to take out 25% at 55/57?
You can take 25% out of aviva,at 55/57.
Or they'll give you protracted rates of potential.
Could you not use the contribution to Aviva?

 

[Woolverhampton_Blue]

I can help if you need it.

The biggest factors with a switch are going to be:

a) Are you potentially giving up any guarantees by transferring? If it’s a relatively new Aviva arrangement then probably not. If it does have guarantees and you still wanted to switch, you would have to use an adviser.

b) How do you wish to access your pension upon retirement? Not all arrangements will have the full spread of options, so it’s best to look into it and have a think.

c) Performance. How has it performed in terms of growth? This doesn’t necessarily require a switch if it has done poorly, as Aviva usually have a decent number of alternative funds. If you DM me the fund(s) you are invested in I can look at this for you.

d) The new NHS arrangement vs your current one in terms of cost, retirement options, investment options, etc.

If you have any specific questions or need more explanation on anything feel free to ask.

 

[Bedfordblue]

Best thing to do here, is cash the lot in and put it on 2:1 Everton v Utd with Beto first scorer.
Then you can retire next week.

Thank me later.