Nhs tier 2 pension

Flugelhorn

Manxman_in_exile wrote: »

Are you sure there is a "pot"?


When I worked in the NHS and you asked for a pension statement you would only get a projection of your annual pension and projected lump sum. And that is all you need to know, surely? The value of the pot is irrelevant unless you want to transfer out(?). And why would you do that?


PS - I left the NHS five years ago so may be hopelessly out of date!

there is a notional pot in NHS pensions which seems to vary (1995 anyway and depending on who is calculating it and what it is for ) for LTA it seems to be 20 times pension + lump sum and the AA appears to be 16 times the pension + lump sum

JTJD

Hi
Can anyone please explain precisely what the term “like duration” means within the following. Thank you. 

If you are assessed as being permanently incapable of carrying out the duties of both your own job and also any other regular employment of like duration to your NHS job, you will be entitled to the retirement benefits you have earned to date plus an enhancement, known as a Tier 2 pension. A Tier 2 pension is made up of a Tier 1 pension plus a ‘Tier 2 addition’. The enhancement to your retirement benefits is calculated as follows: