NHS Pension Schemes Assure Your Future Retirement

2008-02-19 11:01:07

( Business )



What is the NHS Pension Scheme?

The National Health Service or NHS is the largest provider of health care services in the UK. NHS has a little over a million employees, and is the third largest employer in the whole world.

NHS employees enjoy a variety of benefits, most especially one of the best pension plans. The NHS pension scheme is totally voluntary, and NHS employees are free to enroll in or to contract themselves out anytime.

Who Can Participate in the NHS Pension Scheme?

Any bona fide employee of NHS is free to sign up for membership in the NHS pension scheme. In fact, you automatically become a member when you are hired by the NHS. You could also be eligible if you work in an affiliated or approved organization outside of the NHS. There is no salary minimum or maximum amount for you to be eligible.

If you choose not to be a member, you simply need to complete a form. You may also rejoin the NHS pension scheme under some conditions stated in the membership booklet.

What are the Benefits of the NHS Pension Scheme?

You get life insurance protection during your employment, equivalent to three times the annual pension amount.

Upon your retirement, you receive 1/80 of your latest salary rate for every year that you were a member of the scheme. You also get allowances for your family upon death or serious illness.

While your contribution is based on your salary rate, you may opt to increase the amount of contribution. You can also transfer your personal savings into the NHS pension scheme, as long as you are still under the age of 60.

Your NHS pension scheme also acts as a tax relief. In effect, your monthly contribution is equivalent to only about four per cent of your salary.

You can check the NHS website or employee benefits section to get more details about the NHS pension scheme.


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