Nhs pension should i opt out

You currently have JavaScript disabled in your web browser, please enable JavaScript to view our website as intended. Here are the instructions of how to enable JavaScript in your browser. Skip to main content Skip to footer. NHS Pensions. Member hub X. Leaving or taking a break from the scheme. There are a number of ways you can leave or take a break from the scheme. Freddie Green. Alex Moncayo.

Richard Sutcliffe. Steve Phillips. Jan Klepacki. Paul Sampson. See all reviews Write a review. Should I opt out and leave the NHS pension scheme? Posted by Tommy Date: Posted on 4th July Are you thinking of joining them? So why then are so many medics making a mass exodus from it? Second hand, possibly flawed information from colleagues is not a recommended way to make an informed decision, let alone one that is individual to you and your circumstances.

Email Address. First name. We will send you information to help empower you to make better financial decisions. You can unsubscribe anytime and accept our terms and conditions and privacy policy. Join 14, doctors and receive free, exclusive, financial CPD for doctors in your inbox.

You might opt out of the NHS Pension because you want access to your retirement funds early. That could be because you plan on early retirement, or simply prefer the flexibility of not having money tied up until a certain age. In its raw form, the benefits from the NHS Pension can only be taken at state pension age SPA , which is likely to be 68yrs for most readers.

Some believe, not unreasonably, that SPA may well be 70yrs or more in the future. This is more restrictive than other vehicles, where you can withdraw your money earlier e. What happens to our three amigos from earlier if they pull the plug on work at 60yrs?

Yet the capital value of their pension still outstrips all the other strategies. Despite the reduction for Nippy, the others lose out from having less time for compound interest to work its effect. Risks of doing so include more eggs in the NHS Pension basket and greater risk of breaching the allowances. Vexing complexity. You might want to opt out of the NHS Pension because you think it too complicated.

Many would prefer the simpler idea of paying money into a pot, which grows, from which you then withdraw in retirement. In the face of NHS pension perplexity, opting out is probably the path of least resistance. Opting out of the NHS Pension. Your choice should be intentional, not on a whim or hearsay. As such, I would implore anyone to seek independent financial advice before thinking about opting out of the NHS Pension.

You are commenting using your WordPress. You are commenting using your Google account. You are commenting using your Twitter account. You are commenting using your Facebook account. Notify me of new comments via email.

Are you looking to partner with an award-winning independent financial adviser? Make smarter decisions with your finances - book a call with an expert today.

Home About us Meet the team Why us? Should you opt-out of the NHS pension? Published in October Is there an alternative to opting out of the NHS pension? More posts How long will a pension last September Read more.