NHS Pension Scheme explained - GOOD OR BAD? Should you remain or opt out?

Learn about the pros and cons of the NHS pension scheme (1995, 2008 and 2015) so that you can make an informed decision about whether opting out or remaining in the scheme is right for you.

In this video I explain the key advantages and disadvantages of remaining in the NHS pension scheme and explain what impact this will have when it comes to your retirement planning.


𝐓𝐢𝐦𝐞𝐬𝐭𝐚𝐦𝐩𝐬 ⏰
00:00 Introduction to the NHS pension scheme
00:55 Advantages and disadvantages of remaining in the NHS pension scheme
01:23 Should you keep paying into your NHS pension
02:00 Benefit 1 - A guaranteed, inflation proofed income for life
02:56 Benefit 2 - Free pension contributions from your NHS employer
03:37 Benefit 3 - No market risk
04:25 Benefit 4 - Valuable death benefits for your family
05:04 Benefit 5 - Ill health retirement benefits
06:05 Benefit 6 - Tax advantages of staying in the NHS pension
06:40 Disadvantage 1 - Lower take home pay
07:27 Disadvantage 2 - Less investment control
07:55 Disadvantage 3 - Complex rule changes
08:36 Disadvantage 4 - Tax issues, including annual allowance
09:20 Summary & should you remain or opt out?


𝐋𝐢𝐧𝐤𝐬 ↗️

▶Benefits of the NHS pension scheme (Scotland)
https://pensions.gov.scot/nhs/about-n...

▶Understanding your benefits in the 2015 scheme (NHSBSA)
https://www.nhsbsa.nhs.uk/member-hub/...

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Disclaimer

This channel is for information and education purposes only. Any information or guidance given does not act as financial advice. My aim is to provide education and guidance to help medics understand their financial affairs.

Please consult a regulated financial adviser for personalised financial advice relevant to your own situation. If you would like 1-2-1 personalised advice please book a call with me using the link above.

#NHS #NHSPension #Retirement