NHS Pension Explained: Should I Opt Out in 2024?

[@MONEYWISEDOCTOR]

Get free weekly financial tips delivered to your inbox moneywisedoctor.com/subscribe-newsletter/

[@akaninyenedan2763]

Very good use of my 18mins. I opted out last year. I should go back next month

[@MONEYWISEDOCTOR]

Sounds like a great plan😅 Thanks for sharing!

[@ginikachiokenwa8918]

Have just forwarded this video link to a friend who spoke to me about opting out of the NHS pension scheme

[@MONEYWISEDOCTOR]

You must be a great friend!😀 Thank you

[@sallyozougwu2878]

Very useful… I’m definitely staying out. Thank you!

[@sallyozougwu2878]

I meant staying put…😢😊

[@MONEYWISEDOCTOR]

Sounds like a good plan! 😂

[@MONEYWISEDOCTOR]

I'm glad it was useful! Thanks for your generous comment

[@SamuelRankinUdo]

This is really great stuff. It is clear that most 'new' IMGs who leave the scheme are largely unaware of the benefits they signed against. Next would be how to increase my Pension Contributions as a LED.

[@gloriousville]

Fantastic video and very enlightening. Thank Andy.

[@MONEYWISEDOCTOR]

Glad you enjoyed it! Thanks for your kind comment

[@akaninyenedan2763]

I’m a bit unclear with what the situation is for GPs. Am I right to think that at the point of completing your training and taking up a GP post with a Surgery, you are no longer able to contribute to the NHS pension scheme?

[@gloriousville]

No, GP contributes to the NHS pension.

[@MONEYWISEDOCTOR]

Yes! That's correct. Salaried GPs, GP Partners and even self employed Locums in some jobs can qualify for the NHS Pension. However, Locums working via a Limited company are not eligible to contribute. It is always worth confirming with any new employers. Some organisations like CICs and OOH services do not give you access to the NHS Pension.

[@gloriousville]

Will state pension be mince tasted? Does this mean at retirement, one gets both NHS pension and state pension? Does having NHS pension disqualify one from getting the state pension?

[@MONEYWISEDOCTOR]

Excellent questions! Currently, there is no means-testing to the state pension, so one can get the full amount if one has at least 30 qualifying years of national insurance contributions or credits. Other benefits available in retirement, such as pension credit, are means-tested

[@MONEYWISEDOCTOR]

No. The NHS Pension is completely separate from the State Pension. You will normally get a separate basic State Pension as well as your NHS pension. The NHS pension is more desirable for obvious reasons as stated in the video but you can get state pension as well as other pension e.g. private pension like SIPP if you have one. Hope that helps❤

[@ShaunDempsey888]

With Scheme 3, payment of pension funds will run in correspondence of the eligible pension age. Very likely many people in this scheme will be unable to access this pension until 69/70 as these are expected changes. Do you think this therefore makes it less lucrative?

[@MONEYWISEDOCTOR]

That's a keypoint to consider and a risk with the NHS Pension. Thank you for your contribution!

[@ekeneigboerika2112]

great video as Always ND

[@MONEYWISEDOCTOR]

Glad you enjoyed it. Thanks!

[@obioraojiTheDreamDoctor]

Best pension breakdown

[@MONEYWISEDOCTOR]

Thank you!

[@Johng56]

Only a fool would not contribute to this pension

[@MONEYWISEDOCTOR]

Some people are ineligible though