NHS Pension

some maths

LTA 1.5 million  drops to 1.25 million april 2014
AA 50K drops to 40k april 2014

pension grows by contributions + [CPI+1.5% if contributing/or CPI alone if not contributing]

1.25 divided by 23 = Max pension = 54K
40 divided by 16 = Max amount pension is allowed to grow tax free.

ask Fleetwood each year for a calculation of your pension and TFLS for 1995 schemers 23 = 20[pension] +3[TFLS], you have it in writing ! you also have a prediction of the annualized growth if you keep contributing at the same rate ie part of the AA question.

each year you get a reply plot a graph as to the accumulator.

CPI is defined each financial year in september.

for GP's your pension is 1.4% of your total career superannuated earnings.

pension x 23 = your LTA.

ie two sets of equations.

when you defer contributing is up to you.
when you crystallize your pension ie take cash is up to you - if before age 60 you lose about 3-4% each year look up the actuarial figures.

Actuarial tables as of nov 2011;

http://www.nhsbsa.nhs.uk/Documents/Pensions/Early_and_Late_Retirment_Factors_V0.1.Nov11.pdf

some advice from medical-money;

http://www.medicalmoney.co.uk/2012/11/pensions-your-questions-answered/

NHS pension and fixed protection 2014;

http://www.nhsbsa.nhs.uk/Documents/Pensions/Reduced_Lifetime_Allowance_and_Fixed_Protection__V3__03.2012.pdf

NHS pension and individual protection 2014;

http://www.nhsbsa.nhs.uk/Documents/Pensions/TN7_-_2013_-_Employer_Newsletter.pdf

NHS Pension and enhanced protection;

http://www.nhsbsa.nhs.uk/Documents/Pensions/Reduced_Lifetime_Allowance-How_this_affects_members_with_Enhanced_Protection_(V1)_03.2012.pdf