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Understanding my annual benefit statement

Almost-free
Posts: 153 Forumite



Hi, I’m 60 in June when I will be eligible to start receiving my nhs pension . I haven’t worked for the nhs since 2005 so I’ve always assumed I wouldn’t get much ( although I did pay in for almost 27 yrs- the old end-salary scheme)
It states ‘current value of benefits ‘ with figures next to pension and lump sum, but it doesn’t state anywhere ‘this is what you will get per annum’.
Am I being thick ? The amount next to pension seems far too high to be the pension I would be eligible for, which is why I’m confused .
I did ring up the pension scheme but they told me to look at my statement . I spoke to the pension advisory service who said the figure next to ‘pension’ would be my annual pension but he can’t advise whether they've calculated it correctly ( although as it’s been deferred 15 yrs and I’m 6 months away from retirement those figures shouldn’t really change in his opinion ).
What is the lump sum figure ? Is that what you could take instead of a pension ?
I’m so confused 😫 I suppose the sensible thing to do is to write to the nhs pension people to check this?
It states ‘current value of benefits ‘ with figures next to pension and lump sum, but it doesn’t state anywhere ‘this is what you will get per annum’.
Am I being thick ? The amount next to pension seems far too high to be the pension I would be eligible for, which is why I’m confused .
I did ring up the pension scheme but they told me to look at my statement . I spoke to the pension advisory service who said the figure next to ‘pension’ would be my annual pension but he can’t advise whether they've calculated it correctly ( although as it’s been deferred 15 yrs and I’m 6 months away from retirement those figures shouldn’t really change in his opinion ).
What is the lump sum figure ? Is that what you could take instead of a pension ?
I’m so confused 😫 I suppose the sensible thing to do is to write to the nhs pension people to check this?
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Comments
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Not sure there is any point in writing to them to be sent a copy of the statement you already have in front of you?
Roughly how much was your salary when you left the NHS? If you were part time not the amount you were really earning but the annualised salary.
And you should check your State Pension forecast on gov.uk and make sure you read past the likely headline of £168.60/week.0 -
I’m 60 in June when I will be eligible to start receiving my nhs pension . I haven’t worked for the nhs since 2005 so I’ve always assumed I wouldn’t get much ( although I did pay in for almost 27 yrs- the old end-salary scheme)
After 27 years service?
You left the NHS with a deferred pension in 2005 - were you given a statement of deferred benefits when you left?
Your pension has been revaluing in deferment.
https://www.nhsbsa.nhs.uk/sites/default/files/2018-11/Leaving%20Early%20and%20Transferring%20Out%20Guide%20%28V16%29%20%28printable%29%20-%2011.2018.pdf
Will my deferred benefits increase annually?
Your deferred Scheme benefits are increased annually to keep pace with rises in the cost of living. Increases are paid in April and reflect any rise in the rate of inflation in the 12 month period up to the end of September in the previous year and revalued by the application of Pensions Increase.
When can I claim my deferred benefits?
Deferred Scheme benefits are payable from your Normal Pension Age. This is age 60 for members of the 1995 Section and includes members of the special classes and mental health officers (MHO) (see additional information below) and age 65 for members of the 2008 Section. For members of the 2015 Scheme, your Normal Pension Age is equal to your State Pension Age (SPA) or age 65, whichever is higher.
You can download the retirement claim form, AW8P, from our website at: https://www.nhsbsa.nhs.uk/nhs-pensions. Or you can contact us for one three months before you reach Normal Pension Age.
See also https://www.nhsbsa.nhs.uk/sites/default/files/2019-03/1995-2008%20Members%20Guide%20%28V22%29%20printable%2002.2019_0.pdf0 -
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What is the lump sum figure ? Is that what you could take instead of a pension ?
All set out in the Guide in second link in post 3.0 -
You will likely be entitled to a one off tax free lump sum of three times your annual pension.0
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Thanks for your help everyone . The reason I think these figures are too high is because the amount show for ‘Pay’ is over £45,000 and the maximum I ever earned even at full time I think was £30,000. I’ve tried reading the guides but am lost in the jargon and the fact it mentions three different schemes - 1995 ( mine) 2008 and 2015.
I’m off to read the links provided - many thanks!0 -
I couldn’t get those links to open but I’ll try again when I can use my daughters computer .
My main concern is whether they are using the correct salary to calculate .0 -
Why not dig out the details from when you left the NHS?0
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Almost-free wrote: »Thanks for your help everyone . The reason I think these figures are too high is because the amount show for ‘Pay’ is over £45,000 and the maximum I ever earned even at full time I think was £30,000. I’ve tried reading the guides but am lost in the jargon and the fact it mentions three different schemes - 1995 ( mine) 2008 and 2015.
I’m off to read the links provided - many thanks!
To be fair, £30,000 back in 2005 is worth £45,132 by now so it is likely to be revalued to today's term. So to make it very very rough estimate and I have simplified it much as possible, 27/80 of £45,132 would be £15,232 per year with a tax-free lump sum of £45,6960 -
I can't tell you for sure whether it is correct from the information given, but with 27 years' membership and a salary of around £30,000 in 2005, I would expect you will be due a very decent pension, probably a lot more than you were expecting.
Is the lump sum figure 3 times the income figure? You should get both, the income divided by 12 and paid month, the lump sum at retirement tax free (though again I can't say for sure as I obviously haven't seen the statement).0
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