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pension
tango1

115 Posts

Posted:  11-Aug-2017 21:48
Just wondering how does the pension work. If you have a pension of 12,000 a year predicted. Is that taxed? I would consider taking larger lump lump sum and smaller monthly pension. Also, how many hours can you work once you take your pension? Seriously taking the plunge next year. Will even consider working at lower grade. Lots of my friends who worked mental health have done and are doing so. But they get a better deal than general nurses. Thank you for any advice that you can give.
knitnurse

2484 Posts

Posted:  12-Aug-2017 19:26
I've done this.
If you work and take a pension of approx 12k - depending on your tax code you will have reached your personal allowance threshold  and so everything you earn above it is taxed at 20 % however you wont be making any further pension contributions. So you will get nearly all your 12k!
There are rules about how many hours you can work - do look them up but part time 16 hrs is usually ok. 
Would love to have done something other than nursing now but 20% tax on a minimum wage is not a lot

I'd rather be knitting!
Prissy

156 Posts

Posted:  13-Aug-2017 09:57 Log in to like this post
If you're over 60 you can take your pension and work full time. Under 60 you have to retire for 24 hours and then return on 16 hours per week for 4 weeks....After that I don't think you can earn more than your previous pre retirement salary. At least that's the info I've just received from the pension people. At 60 if you don't take your pension you are actually worse off financially I believe...2 years 4 months and counting. Disappointed that the Pension forecasts have not yet been updated but told it will be by end of August....
tango1

115 Posts

Posted:  13-Aug-2017 20:13
Thank you for your replies. I am 55. (have special classes status) Really considering going next year. Sure working part-time will be easier. Have looked at what figures I will get staying until 60 - they do not seem to look worth the extra years to me. I would like to work part time and would even reduce down from band 7 if that was necessary.
Denise16

25 Posts

Posted:  14-Aug-2017 08:51
Hi took my pension at 55. Your annual pension is taxed after your tax allowance is taken off,anything you then earn is also taxed,usually your tax allowance is off set against any work you do. You can then work part time for NHS providing you do not earn more than you currently earn, I took larger lump sum,but when working out what you can earn then you use the largest annual allowance not what you are getting if you take larger lump sum,so if you earn say £22000 and your annual pension is £12000 then you can only earn  £10000 per year even if you look larger lump sum and smaller annual allowance,but with less tax,NI and no pension you will still be getting the same or more per month. But you can work through a agency for NHS or any non NHS and you can earn as much as you want. If you speak to your HR dept they often offer pre retirement advise.


 
tango1

115 Posts

Posted:  14-Aug-2017 20:18
Do you feel the benefit of working part time Denise16. I am starting to feel worn out and constantly stressed.
Denise16

25 Posts

Posted:  14-Aug-2017 21:32
Hi yes I used to work 35 hrs. I currently work 18hrs, I originally stayed at same practice,but have now moved to a new job,but feel the work life balance is good,as I have more time at home than work,and financially I am better off, I couldn't have carried on working at the pace we are expected to if I had not reduced my Hrs. only advise I would give is to try to avoid Monday's as most BH are on this day,and if like my current practice you would have to use holidays or make time up to have the day off..
veronica

480 Posts

Posted:  15-Aug-2017 06:21
You should be entitled to BH I.e.your normal holiday allowance plus half the annual BH hours if working half time instead of full time. There is lots about this on this forum.
angel66

997 Posts

Posted:  19-Aug-2017 17:33
Thinking of doing the same Denise. Need to see a financial advisor as would need to carefully invest the lump sum to make it work. Worry they may charge some astronomical fee though.
Would also need to downsize house to pay off mortgage first. Lots to think about but it's good to see it works for some. Has to be a work/life balance ,which likewise feel there is not at the moment.
mika

369 Posts

Posted:  19-Aug-2017 18:53
I had very good, thorough free financial advice about managing a lump sum a few years ago through my building society. They are linked to a particular provider, but you don't have to use their recommendations, you could visit a couple of banks or building societies. He explained fully the options I had and I have been invited back for FU reviews regularly.
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