NHS Pension

Mrs_Neat

Hi, I joined the NHS pension in October 1996 under the 1995 section. I then transferred to the 2015 section. I plan to retire at 55 in 2025. I have 3 questions:

1) Under the 1995 section, I know that the best of the last 3 years salary will be used to calculate my pension and lump sum. What I’m not sure about though is whether my reckonable service for the 1995 section will be up to 2015 when I transferred to the 2015 section or 2025 when my NHS service ends, ie the difference between 18 years and 28 years.

2) In the 2015 section, I understand how this works in terms of building up 1/54th each year but is this based on a whole time equivalent salary or part-time equivalent? I am reducing from full time to 22.5hrs next month.

3) Is there just a pension in the 2015 and no lump sum, ie if I have built up £10,000 between 2015 and 2025, will this be my annual pension / income for this section?

Thanks in advance for any advice!

JoeCrystal

Could you repost your topic on the main pension forum? This sub forum seen so little visitors that it had been suggested to merged with main pension forum. You will far more likely to get an answer.

Mrs_Neat

Thanks - will do

Mrs_Neat

Where is the main pension forum please? I can’t see another one?

Dazed_and_confused

Try here

https://forums.moneysavingexpert.com/forumdisplay.php?f=19

greatkingrat

Mrs_Neat wrote: »

Hi, I joined the NHS pension in October 1996 under the 1995 section. I then transferred to the 2015 section. I plan to retire at 55 in 2025. I have 3 questions:

1) Under the 1995 section, I know that the best of the last 3 years salary will be used to calculate my pension and lump sum. What I’m not sure about though is whether my reckonable service for the 1995 section will be up to 2015 when I transferred to the 2015 section or 2025 when my NHS service ends, ie the difference between 18 years and 28 years.

2) In the 2015 section, I understand how this works in terms of building up 1/54th each year but is this based on a whole time equivalent salary or part-time equivalent? I am reducing from full time to 22.5hrs next month.

3) Is there just a pension in the 2015 and no lump sum, ie if I have built up £10,000 between 2015 and 2025, will this be my annual pension / income for this section?

Thanks in advance for any advice!

1 - You will have 18 years service in the 1995 section, then a separate 10 years service in the 2015 section. When you retire they will calculate the pension for the two schemes separately.

2 - It is based on the actual earnings, so if you work 0.5 FTE you will accrue half of what you would if you were full time.

3 - There is no automatic lump sum, although you still have the option to exchange part of your pension for a lump sum if desired.