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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
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Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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I was in the NHS pension scheme for over 25 years, when I stopped

Resolved Question:

I was in the NHS pension scheme for over 25 years, when I stopped working for the nhs it was frozen, does this mean it will no longer make interest, I am 55yrs old and was in the scheme that meant I could claim pension at 55yrs, is it in my best interest to do so.
Submitted: 3 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 3 years ago.
Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

Yes, since you have stopped contributing it will obviously not longer make interest. It can also slightly impact your final pension payouts. It can result into slightly reduced pension payouts at the time of your retirement / or time of opting for your pension payouts.

If you are entitled to claim pension at 55 years, you can certainly go ahead and claim it and invest in some fixed income instrument or something like that. Since you are no longer contributing, it is always better to cash it out.

I am sure this would help.

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Warm Regards
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