Poor Lettie - working until she's 65

Tealeaf · 11-01-2005, 13:21

It looks like the government have said 'enough is enough' when it comes to the NHS Pension Scheme and so there will be no more retirement at 60. Instead, NHS employees will have to do the full whack and work on to 65. I'm sure that other membersof the Accy Web, besides myself, would like to pass on our sympathies to Lettie - and possibly to other great servants of the NHS who are on this site - as to the position they now find themselves in.

lettie · 11-01-2005, 13:29

Hehehehe.

I saw it on the news last night. I am not in the least bit perturbed. I might be daft enough to work for the NHS, but I am sensible enough to have other savings etc. on top of my potential NHS pension. I worry about some of my colleagues, but believe me Mr T I'll be out of there before I'm 60. Actually, my current contract still says 55.

55 is what I'm aiming for, although I may not be able to claim the pension at 55, I reckon I may well be able to afford to go by then.

Acrylic-bob · 11-01-2005, 13:33

Lettie is the NHS pension in addition to, or in place of, the State Pension?

lettie · 11-01-2005, 14:52

As far as I know it is in addition to the state pension. My friend retired about 10 years ago and she gets state pension on top of her NHS pension. Having said that, these things are always subject to change. Margaret Pilkington may be able to enlighten us, as she retired more recently.

Acrylic-bob · 11-01-2005, 15:40

Hmmm, is it taxable?

lettie · 11-01-2005, 15:54

I'm not sure about that. What the NHS are doing now, because they can't get nurses/midwives is when people retire they are being offered 10 hours work a week, on top of their NHS pension. They are not taxed on their 10 hour a week work and apparently it doesn't affect their pension. I know a few people currently doing this, as they are still paying mortgages etc. Unless I am absolutely brassic, I shan't bother doing the 10 hours a week. Most NHS ward work is frantic due to lack of staff, but that kind of work, night shifts and running around like a headless chicken is for young people. I am starting to find nights increasingly difficult and I'm only 36.

Busman747 · 11-01-2005, 16:51

Quote:

Originally Posted by lettie

I'm not sure about that. What the NHS are doing now, because they can't get nurses/midwives is when people retire they are being offered 10 hours work a week, on top of their NHS pension. They are not taxed on their 10 hour a week work and apparently it doesn't affect their pension..

I am slightly confused Lettie. My widowed Mother had a basic pension plus a small reduced pension from my late Father but because this took her over the tax bracket, she was deducted tax. Are you saying that N.H.S. workers are not having the same rules applied to them? If I continued part time coach work after retirement, I too would be taxed so how can it be that public sector workers can work 10 hours a week without making tax contributions?

lettie · 11-01-2005, 17:47

I don't know Busman. I only know that at least one of my colleagues doesn't pay tax on their 10 hours and still has her NHS pension.

Acrylic-bob · 11-01-2005, 18:51

Hmm, busman beat me to it. I was going to point out that my step-mother did not have sufficient pension contributions when she retired and was forced to seek Income Support to top her State Pension. She was told that she could continue to work but that anything she earned over £5.00 per week would be deducted, pound for pound, from her top up.

I think that it is about time that the whole pensions system was overhauled.

WillowTheWhisp · 11-01-2005, 19:17

I agree with you there A-b. It's a bit of a mess to say the least. It could well be that the NHS workers are given a tax amnesty to encourage them to do the 10 hours because the NHS is so short of staff.

Darby · 11-01-2005, 19:44

Quote:

Originally Posted by lettie

I'm not sure about that. What the NHS are doing now, because they can't get nurses/midwives is when people retire they are being offered 10 hours work a week, on top of their NHS pension. They are not taxed on their 10 hour a week work and apparently it doesn't affect their pension. I know a few people currently doing this, as they are still paying mortgages etc. Unless I am absolutely brassic, I shan't bother doing the 10 hours a week. Most NHS ward work is frantic due to lack of staff, but that kind of work, night shifts and running around like a headless chicken is for young people. I am starting to find nights increasingly difficult and I'm only 36.

FACT: All pensions are taxable, and your NHS pension will assure that your OAP is reduced accordingly. Mine as well!!!

Margaret Pilkington · 11-01-2005, 19:51

The pension you get IS taxed...... but you do get state pension too when you reach 60...... but that is taxed too. I left the NHS at 55 after almost 30 years and although I don't have a lot of money I can get by because like Lettie I was sensible in putting a little something by to cover 'extras' and the unexpected. I wouldn't even do 10 hours for the NHS....... you are worked to death. You put something aside Lettie even if it is only a small amount..... you have time to accrue a nice little nest egg......and then go at 55 and ENJOY yourself.

lettie · 12-01-2005, 09:21

That's exactly what I'm aiming for. I can tell them which part of my anatomy they can kiss if they think they're getting 10 hours out of me.. :-)

vorlon24 · 12-01-2005, 10:12

Quote:

Originally Posted by Acrylic-bob

anything she earned over £5.00 per week would be deducted, pound for pound, from her top up.

I think that it is about time that the whole pensions system was overhauled.

That's Income Support rules, not State Pension rules.

There is a major overhaul due in the near future, as they are going to be making major changes to the pensions examination, apparently (something I will be taking some time in the next 3-4 years).

I have found though that people who actually put something away for their retirement are/were comfortably off compared to those that didn't.

I am expecting a reply like 'can't afford it', but once you actually start putting something away, you don't notice it after a while. To begin with it may be hard, but with increases in salary (even the smallest ones) it does get easier.

If you don't have the foresight to start saving for your retirement, then I am sorry, but that's your lookout. People should stop relying on the state for handouts and make their own provision. I for one don't expect to receive a state pension when I retire, in some 30-odd years' time.

And yes, I do sympathise with those people who have lost their pension funds due to mismanagement/theft, etc, and the authorities should do something to try and get the money back, but everyone knows that the people who should be regulating this have no teeth where it really matters.

Hard hat on...

entwisi · 12-01-2005, 10:45

Totally agree mate, I've had Private pensions/AVCs since I was 18. As you say, you don't miss it after a short while and I have alawys looked to use a percentage of any pay rises to increase them. I currently have a very good company pension topped up with AVCs and take part in all ShareSave and Share Incentive plans that I can. It is amazing just how much these can build into.