NHS pensions calculator

What is a NHS pensions calculator?

A NHS pensions calculator is a calculator designed to help those who have an NHS pension work out exactly how much money they will receive in retirement based on their current pension saving levels.

NHS pensions calculator is designed for NHS pensions which form the biggest private sector pension scheme in Europe, and has now been split into two different schemes. The majority of staff who have worked for the NHS for a long time will be in the 1995 section of the scheme, and will need to tell the NHS pensions calculator this when they look to work out their pension income.

The other half will be on the 2008 section of the pensions scheme, generally for newer members of staff.

The NHS pensions calculator is not 100% accurate as NHS pensions increase in value each year in line with inflation, and there is no way to accurately predict inflation levels in the future, although the NHS pensions calculator will use historical data to get as close as possible.

NHS staff also get life insurance, worth twice their salary as part of their pension scheme, and can take advantage of voluntary retirement from 55 for people on the 2008 section of the pension scheme, and 50 for those on the 1995 section of the pensions scheme.

How does an NHS pensions calculator work?

The NHS pensions calculator is a fairly simple calculator, as the majority of staff will receive a percentage of their final, or average salary, for every year they have worked at the NHS, up to a certain point.

The calculator will ask for your salary, intended retirement date, start date at the NHS, and which section of the scheme you are on, and will then predict your pension income in retirement.

What about my state pension?

You will also receive a state pension if you qualify for it, and have made sufficient national insurance contributions. To work out what your state pension will be worth, use a state pension calculator, and add that income to the income from your NHS pensions calculator calculation, to get your total income in retirement. Be aware that these figures are subject to change, and could vary greatly based on government changes and inflation.