At present I save nothing for my retirement other than my NHS pension. I have been looking at ways to improve me income in retirement. An income of £2000 a month would be £24000 a year!!!

I am going to start investing in shares and funds through my S&S ISA, pay into a Lifetime ISA (when they become available next year) and I have been thinking of improving my NHS pension.  There are different ways of doing this:

• Additional Pension
• Early Retirement Reduction Buy Out (ERRBO)
• Money Purchase Benefits
• Stakeholder Pensions
• Bigger Lump Sum Purchase
• Half Cost Added Years

I am thinking of going down the Money Purchase AVC route and taking out an additional pension through Prudental. I would be able to take 25% as a lump sum, the rest needs to be used to buy an extra pension. I shall send off for more information and take it from there. I have yet to see if I will stay within the NHS for the rest of my career but at this point it is most likely.

With just £50 a month I would get a lump sum of £9790 and an annual income of £1520. Not a great amount but with my main NHS pensions I’d be looking at around £10k annual income 🙂

I am also playing around with the Additional Pension calculator to see if that route is best.