Can I Freeze NHS Pension?

PoGee

Thank you for replies . Apologies - I don't mean freeze but stop paying into it, which means it slowly increases in value, which is what I gather from the replies. I think it would it be simpler to resign, not take nhs pension till 60 but take a job elsewhere....away from the nhs. Would that keep my pension value intact, rather than confusing matters with taking a lower band job and so muddling the 'final salary' bit?
Re McCloud judgement, I think all the contributions from 2015 that went into 2015 scheme, can be put into 1995 scheme up till April 2022 and any conributions from then on will go into 2015 scheme. We do not get asked which one we want till we say we want to retire (and take pension) when they will give us 2 calculations each based on the 2 scenarios. We then select from the 2 figures, which pension we wish to go for.

Flugelhorn

if you leave the NHS scheme and then work elsewhere and take the pension later, the salary used to calculate the pension will be your current salary adjusted by inflation (CPI I think ) - OH did this and the inflation adjusted salary ended up being more than the current pay for that grade so he was quite happy with the pension he got. 

McLoud is going to be very complex.

spaniel101

Just to clarify - 1995 scheme is based on 'the best of the last 3 years pensionable pay at the date of leaving'.   

Your pension accrued to date  (reflected on your TRS statement) will be increased in line with CPI each and every year for life   (not your best final pensionable pay - that will remain the same, as at the date of leaving/deferment).

Thus, current value intact as you quite rightly put.   

Flugelhorn

spaniel101 said:

Just to clarify - 1995 scheme is based on 'the best of the last 3 years pensionable pay at the date of leaving'.   

Your pension accrued to date  (reflected on your TRS statement) will be increased in line with CPI each and every year for life   (not your best final pensionable pay - that will remain the same, as at the date of leaving/deferment).

Thus, current value intact as you quite rightly put.   

yes you are right  it is the pension that is CPI'd not the wte  salary  - got cross-eyed