NHS pension for 2001-2007

Silvertabby

aroominyork said:

Dazed_and_C0nfused said:

aroominyork said:

Dazed_and_C0nfused said:

Normal pension age for the 1995 scheme is 60.

https://www.which.co.uk/money/pensions-and-retirement/company-pensions/public-sector-pensions-explained/nhs-pension-schemes-explained-azydt0q5t434

But not if you have left the NHS and your pension is deferred.

What makes you think that???

See my 12.35pm (edited 12.37pm) post.

State pension age and NHS normal retirement ages aren't necessarily the same.

When public sector pensions switched from final salary to career average in 2014/2015, scheme normal retirement age was indeed linked with SPA - but that change wasn't made retrospective.

ggmf

aroominyork said:

Dazed_and_C0nfused said:

That form states

Retirement based on your age. You can claim this if you have reached the normal pension age 60 for members of the 1995 Section,

I think that's for people still working for the NHS - not those who have left and had their pension deferred.

No. You can claim 1995 scheme pension at age 60 regardless of if you are still working in the NHS or you are deferred. If you are currently working in the NHS then you have to take a 24hr retirement break before returning to work. You can, currently still return to work in the NHS without having to reduce your working hours, due to the Covid impacts and until 31/03/22 currently unless they change the rules again..

You are reading 'normal pension age' for the NHS schmes as the SPA, and its not, it is the relevant scheme age.

Your OH is overdue being able to claim her 1995 entitlement, go claim!

aroominyork

ggmf said:

aroominyork said:

Dazed_and_C0nfused said:

That form states

Retirement based on your age. You can claim this if you have reached the normal pension age 60 for members of the 1995 Section,

I think that's for people still working for the NHS - not those who have left and had their pension deferred.

No. You can claim 1995 scheme pension at age 60 regardless of if you are still working in the NHS or you are deferred. If you are currently working in the NHS then you have to take a 24hr retirement break before returning to work. You can, currently still return to work in the NHS without having to reduce your working hours, due to the Covid impacts and until 31/03/22 currently unless they change the rules again..

You are reading 'normal pension age' for the NHS schmes as the SPA, and its not, it is the relevant scheme age.

Your OH is overdue being able to claim her 1995 entitlement, go claim!

Well, that was a good morning's work. She phoned and was told how to register and that there is four years' backdated pension waiting for her. Thank you all, especially (but not only) ggmf.

ggmf

Nice little windfall, enjoy!

aroominyork

ggmf said:

Nice little windfall, enjoy!

Thanks. Will the windfall be taxed at her current marginal rate?

ggmf

The lump sum is tax free,  the pension will be taxable at her marginal rate.

aroominyork

ggmf said:

The lump sum is tax free,  the pension will be taxable at her marginal rate.

Thanks. The phone operator said she was not entitled to a lump sum as she was not on the 2015 scheme. I think what she meant was OH cannot get a higher lump sum in lieu of future annual payments (commutation?) but she will still get a 3x lump sum. Is that correct?

ggmf

No, 1995 comes with a tax free lump sum.

aroominyork

ggmf said:

No, 1995 comes with a tax free lump sum.

So I was right that the operator must have meant she cannot commute - not that she is not entitled to a 3x lump sum?

ggmf

she should recieve her lump sum plus the annual pension for each deferred year (inluding any annual increase as appropriate).