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NHS Pensions 1995, 2008 & 2015 Explained / Contribution basis, normal retirement age, benefits etc. This is only in relation to the NHS Pensions Scheme in England and Wales.

This is the first in a series that relate to the NHS Pension Scheme. In future videos we'll look at the contribution basis and how this relates to the various bandings to really show what impact it has on your pay versus the potential benefits, the death benefits and also the online NHS Pension estimate.

In this video we’ll look at the 3 different sections of the NHS Pensions Scheme that are currently running, the 1995 Section, 2008 Section and the 2015 Section. We’ll look at the contribution basis of the NHS Pensions, the normal retirement age, how much you might get and also what happens on death.

Please be aware this video relates to NHS Staff (Officers) only and not Practitioners.

If there is any particular section you want to jump to you can do so using the timestamps in the description below.

There was a significant shift with the introduction of 2015 Section however these pension schemes are still some of the best available. And this makes it especially disheartening that , and this particularly applies to nurses, the opt out rate is some of the highest amongst public and private sector pension schemes.

And I can completely understand why, as my wife did exactly that, she opted out of the 2008 Section and then when she did opt back in, a few years later her only choice was the 2015 Section. And she opted out quite simply as she saw the high contribution rates and the impact this had on her net pay and at the time it was unaffordable to her when factoring in rent, the area she lived, no pay increases etc.

But in very simple terms these are all valuable schemes for the following reasons:

1. Is guaranteed to pay out until you die.

2. Continues to pay a proportion of whatever you receive to your spouse or civil partner, if they survive you.

3. Won't be affected by the ups and downs of the stock market

4. Has a measure of protection against inflation.

In contrast a defined contribution pension is exposed to all of these risks and uncertainties.

NHS Contribution Rates:
https://www.nhsbsa.nhs.uk/member-hub/...

NHS Business Service Authority:
https://www.nhsbsa.nhs.uk/member-hub/...

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⏰
0:00 - Introduction
0:26 - Changes made and High Opt Out Rates
1:19 - Why is this a good Pension Scheme?
1:59 - The different Sections explained.
2:49 - PLEASE LIKE.
2:59 - The contribution rates.
4:28 - When can you take your NHS Pension?
5:30 - 1995 Section Calculation
6:22 - 2008 Section Calculation
6:52 - 2015 Section Calculation
9:04 - Total Rewards Statement
9:30 - Death Benefits

🗒 Please note:
The information provided is based on the current understanding of the relevant legislation and regulations and may be subject to alteration as a result of changes in legislation or practice. Also it may not reflect the options available under a specific product which may not be as wide as legislations and regulations allow.

All references to taxation are based on my understanding of current taxation law and practice and may be affected by future changes in legislation and the individual circumstances.

This channel is for information and education purposes only. Any information or guidance given does not act as financial advice. Please consult a financial adviser if you are unsure in anyway.

Keep in mind that the value of your investments can go down as well as up, so you could get back less than you invest.

⭐ My aim is to provide education and guidance to help individuals understand pensions, investments and protection.

#nhspension #nhs #edmundbailey