DIY NHS Pension Projection

_pete_

I left the NHS in 1997 and was given a statement showing that when I reach the scheme retirement age my annual pension would be £2500 and that I would receive a lump sum of approximately £7500. The statement showed how they calculated these figures based on my length of service and final salary.

Am I correct in assuming that those figures were not projections but the value in 1997, which will increase in line with inflation until I retire and then the annual pension will continue to increase in line with inflation?

ermine

_pete_ wrote: »

Am I correct in assuming that those figures were not projections but the value in 1997, which will increase in line with inflation until I retire and then the annual pension will continue to increase in line with inflation?

Broadly that is usually the principle with a deferred DB pension, but why don't you ask them and check they have your current address?

You can usually get a projection of the current value of a deferred pension, but it's only guaranteed for 6 months or so. Here's the link for the NHS to do that

Silvertabby

Taken from the 2017 PI tables. These apply to all deferred public sector pensions:

Just find the factor applicable to your date of leaving and and use it to uprate your 1997 pension and lump sum.

ie - if you left on 31 March 1997 then your pension would be £2,500 x 1.6532 = £4,113 and your lump sum would be £7,500 x 1.6532 = £12,399.

Add another 3% to each figure to include the April 2018 increase.

23-Jan-97 to 22-Feb-97 1.6590
23-Feb-97 to 22-Mar-97 1.6561
23-Mar-97 to 21-Apr-97 1.6532
22-Apr-97 to 21-May-97 1.6484
22-May-97 to 21-Jun-97 1.6436
22-Jun-97 to 21-Jul-97 1.6388
22-Jul-97 to 21-Aug-97 1.6340
22-Aug-97 to 21-Sep-97 1.6292
22-Sep-97 to 21-Oct-97 1.6244
22-Oct-97 to 21-Nov-97 1.6197
22-Nov-97 to 21-Dec-97 1.6149
22-Dec-97 to 21-Jan-98 1.6101