Opting back into nhs pension and want to increase contributions - is it worth it?
Hi guys.
Happy Saturday!
I joined NHS in 2018 as Band 4. I'm currently Band 7 mid point. I opted out at certain point and withdrawn all of the contributions. I'm now planning to opt in back into pension scheme from new financial year. I'm 35 years old and woman. If I was to start contributing it'd be 10.7% each month and the NHS will add around 23% of pensionable pay.
However, I also wanted to contribute more each month, double of monthly contribution for 7 years to make up the time I was opted out. So in 2025/6 10.7% +10.7% so total of 21.4% each month until I reach 5 years on band 7 or go up to band 8a, and then 2x12.5% so 25%. .
My questions are
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is the NHS going to be contributing additionally to extra pension contribution. So they would contribute 23.7% from 10.7%. Would they contribute additionally for the extra 10.7% I'd pay?
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If they did, how much in % they would contribute. I donlt think it'll be another 23.7%, isn't? Sounds too good to be true for them to contribute 47.4% if I was to overpay and contribute 21.4% each month.
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would you recommend against overpaying NHS pension and are there better alternatives to us instead?
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I'm curious even if I overpaid how much it'll increase my pension given that the nhs pension scheme is based on salary and I opted out for 7 years.
I'd love to hear from you guys!
Thanks so much.
Posted Mar 8, 2025, 12:49 PM UTC