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!

hyubh

Mrs_Neat wrote: »

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.

Up to whenever you transferred into the 2015 scheme, so if that was on 1 April 2015 (i.e. you didn't qualify for tapered protection), then up to 31 March 2015 inclusive.

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?

The latter. However, this doesn't mean part time hours now make a difference where they didn't before, because they did in the 1995 scheme too (your reckonable service would be adjusted down for any part time working).

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?

You can purchase lump sum at a rate of £12 of lump sum in exchange for £1 of pension, up to statutory limits.

Mrs_Neat

Thanks very much, very helpful :-)