Hello! I work at one company for more than 20 years. I am a member of NHS pension scheme and I'm having regular pension contributions deducted by my employer every month. These contributions are small and I'm beginning to worry for my pension. I would like to know is it possible to increase these contributions. If it is, how can I convince my employer to increase their contributions to NHS pension? I don't know much about NHS pension so I would be thankful if you could tell me something more about it.
It is good thing that you are concerned about your pension on time. Usually, people realize that their pension is too small very late when there is nothing to do. The NHS pension is large pension scheme for people who work in health service. There are many benefits from using NHS pension scheme. The main benefit of the scheme is for example, a retirement pension based on 1/80th of your pay at retirement for each year of scheme membership. One other benefit which is very important is a tax free lump sum on retirement equal to three times the annual pension amount. These benefits are index linked and guaranteed. Members can increase their contributions if they wish to get larger benefits. You could also get larger benefit for added years. For a percentage of your pay you can buy extra years service. They are guaranteed defined benefits and so risk free.
