NHS pension explained - how does the NHS pension work?

In this video you’ll learn the differences between the different types of pension scheme (defined benefit and defined contribution) and where your NHS pension fits into this.

The NHS pension is a defined benefit pension scheme, which means you get the promise of a guaranteed income at the relevant scheme pension age, until you die.

The NHS pension however comes in different flavours with 3 sections of the scheme in existence, the 1995, 2008 and 2015 section. Each one has differing scheme rules and the minimum pension age differs also depending on which scheme you're in.


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00:00 Introduction to the NHS pension scheme
00:35 How does the NHS pension work?
02:12 How do Defined Contribution pensions work?
02:48 Recap - Differences between Defined Benefit and Defined Contribution pensions



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▶Your pension contribution rates (UK - NHSBSA)
https://www.nhsbsa.nhs.uk/member-hub/...

▶Your pension contribution rates (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