You are reading a single comment by @midlife and its replies.
Click here to read the full conversation.
-
Blimey. I'm on an old school NHS pension with 40 years in the scheme this December.
1/80th salary for each year and mx 40 years. So that's 50% salary after 40 years on the job. Not complaining though.
The pension lifetime allowance could be a killer for lots and many at work looking to leave before next April.
midlife
dubtap
If you are old school NHS staff and on the final salary pension you can retire @ 50 on an 80% pension and a nice lump sum and I would imagine for clinical staff that might look pretty tasty after the last two years and a crap pay settlement.
Added to that there is a pension tax situation that has put a cap on maximum benefit you can accrue in a year and land you with a tax bill on your pension on top of normal income tax. Senior doctors and GPs are retiring/reducing hours as a result even before the current crazy RPI numbers used to calculate your 'pension benefit' have kicked in.