Have been following this thread, I know this is not the right forum to ask, but someone wise can answer my question.
Have been in insurance company for 11 years with 0 percent my contribution and 7 percent employers contribution. Now after joining nhs IT the amount am losing is 12 percent and they contribute 14.5. This makes huge dent in incoming salary. My salary is now gone back to old salary 3-4 years back and it really is a bit of pain.
Just been in nhs for 7 months and was thinking is this worth it and thinking of leaving the scheme as if you leave in 2 years you will get the refund.
Any advises ? To be honest am not too hopeful of this govt pension schemes and I think they give you next to nothing when old.
Any sane advice or feedback would be helpful.
There are websites that ask for your age and how much pension you want when you retire, then they calculate how much you should be saving each month to achieve that pension.
I think you should find one of those and see just how much you need to be saving - you will be in for a surprise, I reckon...
Is that a private website or financial advise website?
Carry out a search on 'pension calculator', ignore the Ad sites and try the others. Here's one:
Pension Calculator – Work Out Your State Pension Age, Pension Credit, Contributions & Pots and more
When looking into it bear in mind that in your old job only 7.5% of your salary was going into your pension, in your new job it's 26.5%, that's a huge difference.As has been mentioned to set up a private pension isn't cheap.How much would your employer be putting in if you left their scheme?
None. Zero. I might have to put some savings or some investment.
My main concern is about govt pension where they might pay you very less or nothing at all due to Brexit or some other BS reason.