Q. I am a Consultant age 57, and have decided to go part time next month. Looking at all the implications am I right to say that although my pay will be greatly reduced, I will still pay NHS Pension contributions based on my Whole Time Equivalent income?
A. You have obviously done your homework.
Yes you will. For example, if your full time pay exceeded £105,319 pa in this tax year, then you now pay a gross percentage of 8.5% as against 6% last year.
Even if you work now, say, 3 days per week, and therefore have an income of £63,319 pa, you will still pay the higher rate of 8.5%, even though working at that level full time you would normally have a contribution rate of 6.5%.
We would still say that the NHS Pension Scheme is excellent value. Dont forget, your final pension will still be based on your Whole Time Equivalent Income.
Enjoy your new part time life!
NHS Pension Contribution Rates
