NHS pension, help please

edited 30 November -1 at 1:00AM in Pensions, Annuities & Retirement Planning
21 replies 2.9K views
2

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  • FlugelhornFlugelhorn Forumite
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    Thanks for all the info on the thread, I had the same question (more or less) but am a deferred member (but still working in NHS)

    So in my case looks like deffo not worth not taking the pension as that won't increase as no further "time" increase?
  • GreylocksGreylocks Forumite
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    I am in the 1995 scheme. I have worked part time for 20 years. I don't want to reduce my hours, since this may affect my pension. It is not possible for me to retire and return.

    Thanks


    Reducing hours will only affect your future accrual rate not what you have already accrued.
    (as I understand it)
  • Andy_LAndy_L Forumite
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    Greylocks wrote: »
    Reducing hours will only affect your future accrual rate not what you have already accrued.
    (as I understand it)

    Grqaylocks is correct. The pension is based on the full-time salary, the effect of going part time/reduced hours is that you will accrue years of service at a lower rate eg your 20 years at,say, 3 days/week has only earnt you 3/5ths of 20 years ie 12 years service
  • TwoplusTwoplus Forumite
    43 Posts
    It may be worth finding out how long your protection for staying in the 1995 scheme lasts for. I have a colleague who has worked part time for many years in the 1995 scheme, she could of retired 2 years ago but continued working. Recently she received a letter saying she would be moved across to the 2015 scheme if she was not going to start taking her 1995 pension in the next 6 months.
  • andy001andy001 Forumite
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    Twoplus wrote: »
    It may be worth finding out how long your protection for staying in the 1995 scheme lasts for. I have a colleague who has worked part time for many years in the 1995 scheme, she could of retired 2 years ago but continued working. Recently she received a letter saying she would be moved across to the 2015 scheme if she was not going to start taking her 1995 pension in the next 6 months.

    She might be in transition arrangement ..Tapered Protection is based on how many months beyond 10 years some one were away from their Normal Pension Age as at 1 April 2012.
    I'm not a Financial advisor.
    Please seek independent financial advice.
  • andy001andy001 Forumite
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    I think..You could still work provided you've taken 24hr break and also worked for 16hrs p.w. for 1/12
    I'm not a Financial advisor.
    Please seek independent financial advice.
  • kidmugsykidmugsy Forumite
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    highet wrote: »
    hi katie
    see the following link
    https://www.nhsbsa.nhs.uk/sites/default/files/2018-03/1995-2008%20Members%20Guide%20%28V21%29%2003.2018.pdf
    your situation is covered on page 32 of the guide - ''late retirement'' but basically as you will have a lot less than the maximum 45 years service which is the maximum you can accrue in the 95 scheme you will go on amassing credit in the pension scheme and when you finally retire your pension will be based on the number of years you have worked up until that date and your final salary for the 12 months before you go


    Maybe, but I don't see why your interpretation must be right: the box labelled "1995 section" says just the opposite.

    I can't see any way to make a secure, unambiguous interpretation of what's written on that page: it's a !!!!!!'s muddle - what were they thinking of?
    Free the dunston one next time too.
  • Peanut8472Peanut8472 Forumite
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    Hi. Does anyone know when the 1995 scheme changed from RPI to CPI?
  • xylophonexylophone Forumite
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    https://www.bma.org.uk/advice/employment/pensions/inflationary-increases-to-pensions-faqs

    The increase for all NHS pensions in payment (1995/2008/2015) is calculated in line with the Pensions (Increase) Act 1971.

    Up until 1 April 2011 increases were linked to changes in the Retail Prices Index (RPI) from September to September with the increase being applied on the first Monday in April (which falls on or after 6 April) of the following year.

    From 1 April 2011 the increases have been linked to changes in the Consumer Prices Index (CPI) from September to September with the increase being applied on the first Monday in April (which falls on or after 6 April) of the following year.

    CPI is generally around 0.5% - 1% lower than RPI.

    If CPI growth is nil or negative your pension will remain at its current level and receive no increase.
  • Peanut8472Peanut8472 Forumite
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    Ah yes, thanks xylophone. thats why its worth F#£*-all now!
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