NHS 1995 Scheme & Impact of Change To 2015 Scheme in Aug 2021

saucer

ggmf said:

saucer said:

ggmf said:

I read  yesterday that the Government MAY be making an announcement this week on outcomes from the ‘McCloud’ consultation. I hope so as I have3 pensions, 1995, 2008 and 2015, but I'm not holding my breath

I have membership in both the 1995 and 2015 parts of the scheme. My intention is to retire before the retirement ages for both parts (of 67 for me in the 2015 scheme, and 60 in the 1995). When I ran the numbers the potential implications of the McCloud judgement made little difference. The reason for this is that, although there is a much bigger penalty for me retiring early in the new 2015 scheme (given the later normal retirement age...more years of penalty), the rate at which the pension accumulates is more generous. There is a larger sum from which any actuarial penalty is paid. 

Whether this will be the same for you will depend on a number of factors including 1. How your pay has changed over the years, and 2. What point you intend to retire (how long before the NRA). 

Also bear in mind that you can take any 1995 pension at 60 and then wait to take the other parts when they are due, without reduction.

Thanks, I'm 63, my 1995 is in payment, my 2008 was split due to the changes, hence I have the 2008 and 2015 (confirmed by the 2019-2020 TRS). The 2008 will be due at age 65, the 2015 element at NRA which for me will be 66. At present I would like them to merge the 2008 and 2015 back together, with a due age of 65. 

That makes sense. It is going to be a bit different for everyone depending on their age and membership. You can take each individual part of the pension whenever and subject to a pro rata reduction if it is being paid early