kritika 
(C): X
It’s an awful lot to lose and a lot more goodwill. If you leave the NHS pension, you lose the employer’s contribution and a guaranteed, inflation-linked retirement income. This year there are a record 82,000+ who have opted out.
Quick Facts
- Record high opt-outs: more than 82,000 so far this yea
- Who: Under-35s are the drivers of the growth, and the ages of 25 to 34 account for nearly half of the increase.
- Most numerous: non-specialised nurses (45%)
- Trend: opt-outs are up 45% since 2020
- Good news: you can join later, until the age of 75.
Why Are So Many Leaving?
With bills and mortgage payments, as well as childcare costs, budgets are being strained. Among 35 to 44-year-olds, opt-outs have jumped 83.5% since 2020. The 5.2- 12.5% deduction might seem like a tempting proposal, for roles ranging from NHS support worker jobs to senior nursing positions.
What You Gain vs What You Lose
| Stay In | Opt Out | |
| Your contribution | 5.2%–12.5% of pay | Nothing |
| Employer contribution | 23.7% of salary | Lost |
| Retirement income | Guaranteed, inflation-linked | Depends on your own savings |
| Take-home pay | Lower | Higher now |
The 23.7% employer contribution is the true winner. Employers in the private sector have to pay only 3%. So, when you walk away, you’re rejecting some salary.
Taking the plunge increases your take-home pay now, but you also give up a guaranteed retirement income and have no way to know just how well your savings will keep up with the rising cost of living.
What Happens Next?
The experts say that this is a red flag, as your twenties and thirties are good saving years. Don’t make a decision without reading your annual benefit statement first. Don’t make opting out of an NHS pension a long-term strategy if you don’t have the funds to do so.
Before You Opt Out, Ask Yourself
- How much more money will I have to spend? Calculate the actual number, not the ‘headliner’ number.
- Is this temporary? If it’s difficult for the next few months, remind yourself to take another look at your choice.
- Did I review my contribution amount? This depends on your salary; check what you’re paying for.
- Can I rejoin? You will need to be confirmed as eligible by your employer, so check before you’re ready to leave.
FAQs
What if NHS staff choose not to participate in their pension plan?
There is no further growth of benefits, and both you and your employer stop contributing.
Are pensioners allowed to return to the pension system?
Yes, up until the age of 75 (as confirmed by your employer).
What is the cost to NHS staff of choosing not to participate in the pension?
Depending on pay and length of service, it’s 23.7% of your pay that’s deducted for each month away.
Should you pay for an NHS pension?
For most, yes. The assured income and employer contribution are difficult to outdo.
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