"Frozen" Pension

PuppyWonder

I have 11 years service with the NHS and when I left in 1988 I was given the option of "freezing" my Pension, which I did. With all the recent developments regarding accessing pensions from 55, I would like to know more about this. I have many questions.

I have read recently that there is no such thing as a "frozen" pension, however, this was the term used during my time in the NHS. So now I am not even sure what kind of pension I have, if it is not "frozen" as I was told it was.

I have no idea whom I should contact to discuss accessing this pension. I live in Northern Ireland.

Should I consider accessing this pension?

How do I know what my best options are and how is the amount determined?

I am completely in the dark with this. I have no paperwork regarding it either. Where do I go from here with it all? Any thoughts and advice would be greatly appreciated.

purdyoaten

Why not give them a call? I find them very helpful.

71319000 is the number

AlanP_2

PuppyWonder wrote: »

I have 11 years service with the NHS and when I left in 1988 I was given the option of "freezing" my Pension, which I did. With all the recent developments regarding accessing pensions from 55, I would like to know more about this. I have many questions.

I have read recently that there is no such thing as a "frozen" pension, however, this was the term used during my time in the NHS. So now I am not even sure what kind of pension I have, if it is not "frozen" as I was told it was.

I have no idea whom I should contact to discuss accessing this pension. I live in Northern Ireland.

Should I consider accessing this pension?

How do I know what my best options are and how is the amount determined?

I am completely in the dark with this. I have no paperwork regarding it either. Where do I go from here with it all? Any thoughts and advice would be greatly appreciated.

Deferred is the more accurate description by the sound of it.

Whilst you worked for them you will have accrued pension at a proportion of your salary for 11 years.

I don't know the details of the NHS scheme (others on here will know I am sure) but 1/80th per year was fairly typical then I think.

If we use that for now you have 11/80ths of your Final Salary due as an annual pension at whatever age the scheme rules defined (possibly 60). This has probably been increased by RPI / CPI whilst in deferment.

Do you have any paperwork relating to it?

Have a look here - http://www.nhsbsa.nhs.uk/Pensions.aspx

As it is a Defined Benefit pension (final salary based) the new rules don't help you to access it early BUT the scheme may allow it to drawn at a reduced amount per year from Age 55. Links above should give some guidance on that.

xylophone

http://www.hscpensions.hscni.net/members/former-members/

http://www.hscpensions.hscni.net/wp-content/uploads/2012/09/Former-Members-FAQs.pdf

You might try above.

greenglide

It is not "frozen" it is "deferred" and has been increasing in line with RPI / CPI since then.

Nothing in the changes recently has any impact on this. You would normally be able to take this pension at age 55 and maybe earlier however this is probably subject to a reduction in the amount which may make it a "bad idea".

You need to talk to the adminstrators and maybe update the address they have for you if you have moved at any point over these years.

hyubh

PuppyWonder wrote: »

I have 11 years service with the NHS and when I left in 1988 I was given the option of "freezing" my Pension, which I did. With all the recent developments regarding accessing pensions from 55,

These developments are only relevant to you negatively - the key ones pertain to DC not DB pensions (your NHS benefits will be DB), and further, as an unfunded public sector scheme, transfers out from the NHS scheme to a DC arrangement have been banned.

I have read recently that there is no such thing as a "frozen" pension

Technically yours will be 'deferred', meaning it gets inflation-linked increases every year.

I have no idea whom I should contact to discuss accessing this pension. I live in Northern Ireland.

Assuming the pension was from NHS employment in Northern Ireland too (as opposed to the NHS somewhere else in the UK):

http://www.hscpensions.hscni.net

Should I consider accessing this pension?

The chances are you should only take it when it is normally due, however contact the administrators to find out (a) the current value of the pension (b) your normal pension age in the scheme (not all NHS scheme members have the same one) (c) the earliest your can draw your benefits (d) roughly what sort of reduction you would face if you took advantage of (c) instead of leaving the pension to (b).