NHS Pension Options 2008 and 2015 schemes

Stubod

Hi all,

I have a (very small) NHS pension in both 2008 scheme, (which is now "frozen") and the current 2015 scheme (can collect at SP age).

If I take my 2008 pension at 65 can I continue to work and also continue paying into the 2015 scheme?

I have been looking at the NHS Website but can't find an answer to this?

Many thanks for any replies..

spaniel101

https://faq.nhsbsa.nhs.uk/knowledgebase/article/KA-04153/en-us


"If you have deferred membership in the 1995 Section and 2008 Section membership which is linked to the 2015 Scheme, you can continue paying into the 2015 Scheme after claiming benefits from the 1995 Section. A 24 hour break is not required after claiming the 1995 Section benefits, but is required when claiming the 2008 Section/2015 Scheme benefits.

If you have deferred membership in both the 1995 and 2008 Sections and membership in the 2015 Scheme, you can continue paying into the 2015 Scheme after claiming benefits from the 1995 and 2008 Sections. A 24 hour break is not required and there is no restriction on your working hours.

If you have membership in the 2008 Section and the 2015 Scheme, you can continue paying into the 2015 Scheme after claiming   the 2008/2015  benefits.  However, you must have a 24 hour break before returning to NHS employment"

Troxy

The 2008 scheme is not quite frozen. It is worth looking up the McCloud ruling to see what your options are and what would be better for you when you take your pensions

Stubod

Troxy said:

The 2008 scheme is not quite frozen. It is worth looking up the McCloud ruling to see what your options are and what would be better for you when you take your pensions

.thanks for that. I have had a look and it appears a little confusing to my simple brain. As it is I only have a few (part time years) working in the nhs, my 2008 deferred pension is only worth about £1k (per year), and the 2015 pension about £1.5k (per year), so it probably doesn't make a lot of difference...?

Troxy

It doesn’t look like it will make much difference. You should be given some docs when you come to retire which compare your options re: McCloud and you can make a decision at that point.

Purplelady65

There are some differences in the schemes and with the mcloud judgement you could have your contributions in the 2015 scheme transferred into the 2008 scheme which would mean you could access all your benefits at a younger age rather than just the 2008 element (assuming you didn’t leave the nhs and then rejoin and were transferred into the 2015 scheme due to your age). You would need to work out what option will make you better off. 

2008 scheme - retirement age 65 
2015 scheme - retirement age spa
2008 - lump sum optional
2015 - no lump sum
Although your pension amounts are not huge if there is a difference between the various options it could add up if you’re drawing your pension for say 30 years. 

Stubod

Hi and thanks for the reply. I only work "on the bank", and I think my preference would be that while I may continue working I like the idea of accruing some pension while doing so.

ie for me probably not a good idea to "transfer" the 2015 pension back into the 2008 pension?

Langtang

Purplelady65 said:

2008 - lump sum optional
2015 - no lump sum 

With my wife having most of her service in the '95 scheme, would you know if the lump sum is mandatory? Can she forego that in lieu of a larger pension, a la 2008?

Stubod

If you are in the 95 scheme taking the minimum lump sum is mandatory..I think it's 3 times the annual pension..