NHS Pension 95 Scheme

ozni

I can now claim my 95 NHS pension. I no longer work for the NHS and wish to continue to work. Is there any benefit to me if I delay claiming it and if I do will I have to stop work?

Stubod

I don't think there is any benefit in not claiming for the 95 scheme, and there is nothing stopping you carrying on working if you take your pension.

Only consideration is the amount of tax you pay...ie if your income (which would include your pension if you take it), is in excess of your personnel allowance (around £12,500pa) you will pay 20% income tax on anything earned over that.

NB The 95 scheme also gives you a tax free lump sum equivalent to 3 years worth of pension...

ozni

Thanks for that. From my own research I understand that I can continue to work outside the NHS (actually overseas) and take my NHS pension with only tax to pay. I know that some of my friends are limited to a certain number of hours per week in the NHS employment after they draw their pension.

Stubod

....you can go back to work for the NHS, but you have to have a short, (24hr?) break. ..........................

The NHS Pension Scheme indicates that for one calendar month and one day following retirement, the employee cannot work more than 16 hours per week but the 14 day break can be taken into account in the one calendar month and one day period.

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Not sure there is any restrictions after that on the hours you can work(?)...My OH went back on the "bank" for a further 2 years, and another friend also went back to NHS work after taking their pension. Obviously you can't continue in the pension scheme though. If you want to continue to work in the NHS it is probably better to not take your pension and continue to pay into it as this will give you more when you do eventually retire..

Flugelhorn

I took my 1995 pension and didn't have any shifts for 24 hrs then just under 16 hrs a week from then on. Definitely not worth delaying taking a deferred NHS pension. 

Andy_L

Stubod said:

....you can go back to work for the NHS, but you have to have a short, (24hr?) break. ..........................

The NHS Pension Scheme indicates that for one calendar month and one day following retirement, the employee cannot work more than 16 hours per week but the 14 day break can be taken into account in the one calendar month and one day period.

.................................................

Not sure there is any restrictions after that on the hours you can work(?)...My OH went back on the "bank" for a further 2 years, and another friend also went back to NHS work after taking their pension. Obviously you can't continue in the pension scheme though. If you want to continue to work in the NHS it is probably better to not take your pension and continue to pay into it as this will give you more when you do eventually retire..

If you had it paid early then, until you reach normal retirement age, your pension will be reduced so your total (salary + pension) income is not higher than your final salary. ie its not worth doing too many hours as you won't get any benefit from doing so