Taking NHS Pension Early (? around 55).

GingerJim

Another potential option would be to go part time, either now or at 55. This would mean you wouldn’t have to take your 95 pension, and incur the penalties, get more time at home, and have an income probably similar to your pension if you did take it. It would also allow you to keep contributing to the 2015 scheme which would probably not be possible if you took your 1995 pension. You would continue to grow partial years of membership in the 1995 scheme and when you took the 95 pension it would be based on your salary as if you were full time.

Sawman

I am in a similar situation to the OP. I recently spoke to someone at NHS pensions and they told me that if I retire early and come back to work at less hours, I can remain in the 2015 pension section, even if I take the 1995 benefits. This seems at odds to everything I had previously read, but the person I spoke to was convinced this was the case.

Currently waiting for the postman to deliver an accurate pension estimate....

Korkyb

Yep I am planning on working after 55 probably cutting my hours from full time to around 18-24hrs initially but possibly reducing further over the next few years (if her indoors will let me).


The possibility of continuing with the 2015 section sounds interesting.

What I'm thinking now is:
- Reduce hours at 55 (dipping into savings if required).
- Take 95 pension at ?56 ?57 (before my 3 years best wage runs out).
- If possible keep 2005 section going.
- Drink Pina Colada`s and get under the wife's feet.




I think a visit to a financial adviser nearer the time will be in order.

Twoplus

Hi I am just wondering if you have grasped how your final salary pension is worked out. Unless you are working at a lower grade or doing a smaller percentage of unsocial hours than you where when full time your final salary amount will not drop as it's based on whole time equivalent. In fact working part time can be advantageous if you volunteer for all the unsocial hours.

As for taking the 1995 pension and continuing paying into the 2015 pension I was told it wasn't allowed and if you continue working the NHS will pay into NEST to meet their legal requirements.
If anyone finds otherwise I would be grateful for an update.

GingerJim

There is confusion about retiring and taking 1995 benefits and returning to work and paying into the 2015 scheme, even at Fleetwood - one adviser said it was ok, the other said it wasn’t. I wrote to fleetwood and the reply came today in the post. For me at least, and i am in 1995 and 2015 (no part in 2008), if i take my 1995 i am them not able to continue to pay into the 2015 scheme. End of. I have heard that people who have part of their pension in 2008 can continue to contribute into the 2015 after taking 1995 benefits, but you wpuld need to ask them.

Korkyb

Twoplus wrote: »

Hi I am just wondering if you have grasped how your final salary pension is worked out. Unless you are working at a lower grade or doing a smaller percentage of unsocial hours than you where when full time your final salary amount will not drop as it's based on whole time equivalent. In fact working part time can be advantageous if you volunteer for all the unsocial hours.

I had wondered about that!

If I did drop hours my percentage of unsocial hours would almost certainly increase.

Perhaps another reason to drop my hours for at least a year before taking the pension.

Sawman

GingerJim wrote: »

There is confusion about retiring and taking 1995 benefits and returning to work and paying into the 2015 scheme, even at Fleetwood - one adviser said it was ok, the other said it wasn’t. I wrote to fleetwood and the reply came today in the post. For me at least, and i am in 1995 and 2015 (no part in 2008), if i take my 1995 i am them not able to continue to pay into the 2015 scheme. End of. I have heard that people who have part of their pension in 2008 can continue to contribute into the 2015 after taking 1995 benefits, but you wpuld need to ask them.

So the official line from nhs pensions is that I could take my 1995 benefits (at 53) but I am not able to take 2015 benefits (I knew this) but can be deferred. I am not able to add to the 2015 section if I return to work (which I plan to do at reduced hours) though so that clarifies that.

Twoplus

Thanks for the update, confirms how I understood the situation taking 1995 pension and continuing to work.

Korkyb

Thanks again all!

hawkesbaynz

Hi,
I was Special Status on the 1995 scheme at Band 7. I left the NHS at age 52 years as I was doing a mix of NHS and agency and the agency was paying more. However I discovered I could keep the pension current by continuing part-time until I was 55 years.

I signed up to an NHS Out of Hours GP service on a Band 8a and did (strictly) one 3 hour evening shift every 12 weeks as there is a 3 month window. Three years later, and about a dozen shifts, I put my paperwork into the GP service.

I received my pension and happily it appears more than I anticipated.

Is there an option for you to get a p/t NHS role and go and do something else? Appreciate that your pensionable age is not 55.