NHS 1995 Pension

Maxy10

Hi all , I have been reading alot of the posts on here in the hope to find the answer to my query, which I haven't.
I am fortunate to be able to retire next year, I cannot seem to find anything in relation to the new pension rules which refer to my pension. Or wether as my pension will be a final salary pension the new rules on accessing pensions applies ?
I know many of you are very knowledgeable and maybe able to point me in the right direction.

Thank you

hyubh

Maxy10 wrote: »

I am fortunate to be able to retire next year, I cannot seem to find anything in relation to the new pension rules which refer to my pension. Or wether as my pension will be a final salary pension the new rules on accessing pensions applies?

What do you mean by 'accessing'? The 'Freedom and Choice' arrangements introduced last year concerned 'defined contribution' (alias 'money purchase') pensions not 'defined benefit' ones like yours. Further, at the same time, transfers out to money purchase arrangements from unfunded public sector schemes like the NHS one were banned.

That said, as a 1995 scheme member you likely have a generous normal pension age in the scheme. That however would concern 'accessing' the pension in the intended way, i.e. drawing it and taking any associated tax free lump sum.

DancingBadger

The NHS pension isn't affected by the recent changes to The State Pension or the rules allowing access to private pension funds.

To access your NHS Pension you need to contact HR and request the relevant form (I think it's an AW8) about four months before your retirement date, complete and return it, and your pension will be paid into your nominated account - bank, building society or whatever.

Maxy10

Hi thank you for your reply, I thought so.
Yes I am fortunate to be able to retire earlier than most people, after dedicating my career to children's nursing, working for the NHS for 30 years. Lovely 😊

xylophone

http://www.nhsbsa.nhs.uk/Documents/Pensions/SD_Guide_(V16)_04.2016_-_Digital.pdf