NHS pension. Special class status

Stryker009

Hi everyone, been lurking but first post. 

I joined the nhs before 1995 as a nurse and I am still a nurse. As such I was deemed to have special class status ie I could retire at 55 without incurring any losses. I opted out of the nhs pension scheme when I went part time to save some money after getting 33 years into the pension pot I thought I would get at age 55. I’m now being told I need to be a member of the pension scheme to retain special class status on retirement, this isn’t an issue but I don’t know when to rejoin and for how long I need to to retain special class status. I will be 55 in July 2023. I’m getting conflicting advice from my local pensions people and central nhs pensions. Any advice welcome. 

Andy_L

I think its 5 years:

"Criteria to retire at age 55

In order to retire at age 55 a member must have spent the whole of the last five years

pensionable employment in a health service scheme as a Special Class member. Breaks in employment will be ignored when assessing this period but the last five years of

pensionable membership must be as a Special Class member in order to retire from age

55"

https://www.nhsbsa.nhs.uk/sites/default/files/2018-10/Special Class status member factsheet-20181017-(V7) .pdf

However it might that if you've had a break of 5+ years in membership you can't rejoin & regain special status 
"If a member was in pensionable employment (contributing to the Scheme) on 6 March 1995 as a member of the special classes, they will qualify for Special Class status on rejoining the Scheme in employment which attracts the status, as long as they do not have a break in pensionable employment of any one period of five years or more"

I think its going to depend if "pensionable employment" means actually a member of the scheme or employment where you could have been a member

ETA: that document also says
"On 6 March 1995 the NHS Pension Scheme regulations were amended and SC status was abolished for all members, however, an exception was made for members who already held SC status on or before this date and who did not have a break in membership of 5 years or more."

hyubh

Stryker009 said:

I joined the nhs before 1995 as a nurse and I am still a nurse. As such I was deemed to have special class status ie I could retire at 55 without incurring any losses. I opted out of the nhs pension scheme when I went part time to save some money 

Your attitude towards the public purse is highly honourable, but for your own financial sake, rejoin ASAP.

Stryker009

hyubh said:

Stryker009 said:

I joined the nhs before 1995 as a nurse and I am still a nurse. As such I was deemed to have special class status ie I could retire at 55 without incurring any losses. I opted out of the nhs pension scheme when I went part time to save some money 

Your attitude towards the public purse is highly honourable, but for your own financial sake, rejoin ASAP.

Thanks, is that a yes or no lol?

mummytummy

As Andy_L put if you have had a break from pension contributions for more than 5 years then you have lost your special class status but at this moment in time you can retire at 60 in the 1995 section.  If you rejoin the pension scheme now you would go into the newer scheme 2008/2015 but won’t be able to claim that part until you reach 67.

There is a group on social media that is really and helpful and informative you may want to look at that as well.

I had special class status but left in 2013 so my pension is frozen until I am ready to claim it.  Your pension is also based on the best of your last 3 years of pay so mine will be worked out on my pay from 2010 - 2013.  My advice would be to rejoin or look at other pension provisions for retirement.

You are also entitled to receive a yearly statement of your pension but you have to request it. Might be worth your while doing this so you have some idea of what it is worth today.

middlewife

I would recommend  you seek advice from a union rep if possible.  I came unstuck when I retired at 59, thinking I could claim all 3 of my nhs pensions. It is complex. Bizarrely, the 2 smaller pensions are in payment at an actuarial reduced rate, pretty much as expected. My much bigger 1990 pension cannot be paid until aged 60. I asked the wrong questions, rather than "can I claim" i should have asked " will you pay". I had a break in service, and although I had a small DB local government pension, I didn't apply at the time to have it considered  as part of my contributions.  Fortunately I have returned on 1 day a week which helps, but still £500 a month loss.

Stryker009

I guess I will seek advice from the RCN. I just need to know that if I rejoin the scheme can I retire at 55.

QrizB

Stryker009 said:

I guess I will seek advice from the RCN. I just need to know that if I rejoin the scheme can I retire at 55.

Given that you are 53 now, there's no doubt that you can retire at 55.

What you may not have is the ability to " retire at 55 without incurring any losses".

Opting out of the NHS pension scheme may prove to have been an expensive way to save some money.

Stryker009

QrizB said:

Stryker009 said:

I guess I will seek advice from the RCN. I just need to know that if I rejoin the scheme can I retire at 55.

Given that you are 53 now, there's no doubt that you can retire at 55.

What you may not have is the ability to " retire at 55 without incurring any losses".

Opting out of the NHS pension scheme may prove to have been an expensive way to save some money.

What losses would that be?

penfolduk22

As it is highly unlikely that you will now qualify for special class status your retirement age is now 60 yrs on the 1995 scheme, any new pension payments will be in new scheme with normal pension age of 67. As mentioned you can retire at 55 but will, I believe, have a reduction of 25 percent of your pension (5 percent a year deduction between 55-60)

QrizB

penfolduk22 said:

As it is highly unlikely that you will now qualify for special class status your retirement age is now 60 yrs on the 1995 scheme, any new pension payments will be in new scheme with normal pension age of 67. As mentioned you can retire at 55 but will, I believe, have a reduction of 25 percent of your pension (5 percent a year deduction between 55-60)

... so opting out of the pension scheme to save some money has cost you 25% of your pension (if you retire at 55 as planned) or five years of your life (if you stay in work to 60, to get the full pension).