NHS Pension question

mrseyes

I have been working full time for the NHS from May 1977 till present time.

I am thinking of leaving NHS for full time work in private industry.

Can anyone tell me what will happens to my NHS pension?

Do i have to retire first and claim my NHS pension before i join private industry?

Thank you

Stubod

I assume you are in the 1995 section. in which case you can "retire" and start taking your pension. (it takes about 3 months from your initial application), or you can defer your pension up to your 60th birthday, in which case you will get a larger lump sum and a higher annual pension.


You don't have to "wait" to get your pension before you start another job



..at least I think that's right, but somebody will be along to correct me if not...:)

mrseyes

Stubod wrote: »

I assume you are in the 1995 section. in which case you can "retire" and start taking your pension. (it takes about 3 months from your initial application), or you can defer your pension up to your 60th birthday, in which case you will get a larger lump sum and a higher annual pension.


You don't have to "wait" to get your pension before you start another job



..at least I think that's right, but somebody will be along to correct me if not...:)

I am already 60yrs.

andy001

If you're in 1995 scheme and 60 yrs already, , then you may decide to take pension. Some people may decide to defer for few years depending upon individual circumstances.
You have no obligation to take pension before joining private sector.
In my opinion- better to take pension/lump sum now as there would be annual inflation related increase in yearly pension and waiting beyond NPA (yours would be 60yrs for 1995 scheme) doesn't give any additional benefits.
Get an opinion from IFA/ NHS pension regarding scenarios prior to taking final call
Andy

xylophone

According to the Guide, as a 1995 member, your Normal Pension Age is 60 and there are no increases to benefits if you defer taking it.


https://www.nhsbsa.nhs.uk/sites/default/files/2018-03/1995-2008%20Members%20Guide%20%28V21%29%20print%2003.2018.pdf

Have you obtained a new state pension statement?

https://www.gov.uk/check-state-pension

Your new employer will offer a pension scheme?

Stubod

..if you are already 60 then there is no benefit / extra monies to be gained by not taking it now.

(ie I think you may find you are actually losing money by not taking it already. (You don't get anymore by deferring unless you are in the newer schemes...?)