Pensions

[momoko]

Hi there
I came to UK at the age of 40. Now working in NHS, the HR in NHS told me that I won't be able to get any pension when I retired because I don't have enough contribution years. that made me worry. Is that true? Could I be able to do something about it?

thank you for any advice in advance.
Cheers
Momoko

[Old_Geezer]

If you have the funds you may be able to put them towards buying further years. You may wish to enquire. I know my occupational pension allowed us to do that with the occassional bonus we received. It may be with their permission though.

Worst comes to worst they'll have to give you the lump sum for you to invest intstead since you have been contributing.

[hc4361]

Are you referring to the state pension or NHS pension?

[momoko]

Referring to state pension

[Old_Geezer]

Ah, then ignore my previous post.

[Old_Geezer]

https://www.gov.uk/state-pension/eligibility
May help. It's a useful site to browse.

[Svejk]

I believe they've just brought in universal pension credit? or somesuch which does away with your 'problem'

[momoko]

Thank you very much for you guys advice.

[Old_Geezer]

I think changes to the State pension will effect some and not others depending on when they are due to retire.

[Old_Geezer]

May be of use too ?
http://www.moneysavingexpert.com/savings/state-pensions

[Peter Pedant]

Momoko - it is a bit misleading to say you wont get any pension
as there is still your NHS pension

Do you know what that will be ?
In your employment place ( or Hospital ) there will be someone in HR who deals with that and can apply on your behalf for a pension forecast

Old geezer is out of date and you cannot buy extra years now in the 2008 scheme.

Also - if you are still working in the NHS in 2016 you will be transferred to their 'new' scheme. In THAT there will be a scheme for extra years buit they will be extra years in the new scheme

as for the state scheme - I dont know

[boxtops]

You can apply for an NHS pension forecast yourself, momoko, HR don't have to do it for you - I used to ask the person in the payroll department who dealt with pensions to apply for one for me. I've done that several times over the years, just make sure what they are forecasting for me when I chose to retire.

Surely if you start paying into the state scheme now, you would get something (even if not very much) when you retire? It's very easy also to apply to the Pensions Agency for a forecast if you are already paying in.

HR may not be the best people to ask, IMO - your Trust's payroll department is a good place to ask, that's who I went to to get pension information.

[Peter Pedant]

Old Geezer's ref see above is very good

The real difficulty for you is that there is gonna be state pension reform in 2016 - transfer to a flat rate for everyone - and they are not sure how this is gonna go
this means you cant as yet make a meaningful decision about what to do until they say how it is gonna work.

worth finding out tho

[factor-fiction]

If you are in NHS pension scheme there annual statements may now include a state pension forecast- I know some schemes now do that. But getting a state pension forecast is easy and worth doing