We need the Esk. Or the Damo.
Pension switch
- Thread starter Ming the Merciful
- Start date
- Status
Rita_Poon
Player Valuation: £100m
Martin Lewis CBE to you Mr!
Rita_Poon
Player Valuation: £100m
Them loose Jersey taxation laws mean a juicy boost to the financial pot. And the potato's, Ooh Jersey royals in Jersey butter. Heaven.
If you stay in the NHS for the rest of your career, it will be a final salary lump sum & 3/80s of your final years' salary based on the pro rata of how many tears you serve in the NHS - 40 years = full pension etc - lump sums used to be tax-free it may have changed - to start with an NHS pension is far better than a private pension as they are linked to the stock market & our variable - to pay it over to your NHS pension - you need advice - Personal or HR should be able to advise you in your new job or the wages department mate giving you all the scenarios of what maybe your best options to take ....
Your final NHS pension is guaranteed on your final year's pay & you can buy years if you are short - private pensions are not, plus if you gain promotion your salary rises your NHS pension just gets better ....
It's inline with LG superannuation at 6% of what you're on & the NHS match that - I know as I worked for both & both are transferable as they are identical ... you need advice & if you join Unison a NHS trade Union they will advise you for nothing too....
Alan Whittle
Player Valuation: £70m
My Uncle in Nigeria says he can help.
Is he related to Carl Lewis?
Rita_Poon
Player Valuation: £100m
Sadly not, Martin is a lot faster than Carl ever was. Faster running off with your money that is...
Alan Whittle
Player Valuation: £70m
He’s more of a Jerry Lee kinda guy.
True though, so few actually understand pensions and the Govt will shaft you and laugh in your face.
That's great Joe cheers, I'm in Unison so I'll give them a bell on Monday.
Should be fairly simple for them to project, I'm top band 6 and wouldn't take promotion even if offered so I'm hoping I can just stay on current salary til retirement or death.
Don't think there's any transfer fees etc but I'll double check that and get an appt with someone to check before I sign my future away.
Appreciate all the advice, I'm usually a just "go with gut feeling " type of guy but after reading all this maybe I need to take a beat and be a bit more careful.
Use it all to buy $TRUMP.
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 .....
Rita_Poon
Player Valuation: £100m
Martin 'Bergerac' Lewis everybody.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 .....
A modern marvel.
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 .....Martin 'Bergerac' Lewis everybody.
A modern marvel.
They did their best to get me back to work, but I was very ill ....
- Status
Welcome
Join Grand Old Team to get involved in the Everton discussion. Signing up is quick, easy, and completely free.
Shop
