Best ways to retire before 68 in the NHS pension

spaniel101

Pipkin1812 said:

Interesting point about protection of retirement age by McCloud on the original scheme. If you’ve been moved across to the new scheme would that apply to any pension built up since the change in scheme?

Yes.  The remedy period is all (pensionable) service between the 1st April 2015 to 31st March 2022 inclusive, dependant on the date you were transitioned across to 2015 scheme via tapered/full protection (in accordance with your date of birth).


https://faq.nhsbsa.nhs.uk/knowledgebase/article/KA-05093/en-us

https://www.nhsbsa.nhs.uk/sites/default/files/2017-03/Scheme Protection factsheet (03.2017) V2.pdf

https://www.nhsbsa.nhs.uk/sites/default/files/2017-05/Tapered Protection calculator (V3) 05.2017.pdf


Some will have all 7 years, some will have a few years/months and some will have none (...said this little piggy on his way to market !).

Bobinyorkshire

I thought the tapered process was the problem (age discrimination) and that anyone already in the NHS pension scheme before April 2015 could now elect to stay in their legacy scheme up until April 2022. As of Oct 23, I thought retirees would have the choice between calculations based on 2015 scheme from April 2015 or electing to use their legacy scheme in calculations up until April 2022

Dazed_and_C0nfused

spaniel101 said:

Pipkin1812 said:

Interesting point about protection of retirement age by McCloud on the original scheme. If you’ve been moved across to the new scheme would that apply to any pension built up since the change in scheme?

Yes.  The remedy period is all (pensionable) service between the 1st April 2015 to 31st March 2022 inclusive, dependant on the date you were transitioned across to 2015 scheme via tapered/full protection (in accordance with your date of birth).


https://faq.nhsbsa.nhs.uk/knowledgebase/article/KA-05093/en-us

https://www.nhsbsa.nhs.uk/sites/default/files/2017-03/Scheme Protection factsheet (03.2017) V2.pdf

https://www.nhsbsa.nhs.uk/sites/default/files/2017-05/Tapered Protection calculator (V3) 05.2017.pdf


Some will have all 7 years, some will have a few years/months and some will have none (...said this little piggy on his way to market !).

I don't think that is correct, it's an all or nothing type choice.

All 7 years in one scheme or the other, there won't be the option of retaining the tapered split.

https://www.gov.uk/government/consultations/nhs-pension-scheme-mccloud-remedy-part-1-proposed-changes-to-scheme-regulations-2022/mccloud-remedy-part-1-proposed-changes-to-nhs-pension-schemes-regulations-2022

MX5huggy

Pipkin1812 said:

Interesting point about protection of retirement age by McCloud on the original scheme. If you’ve been moved across to the new scheme would that apply to any pension built up since the change in scheme?

As I understand it they look at what your pension would be using the old scheme and what your pension is using the current and then just give you the better one, they won’t give you the retirement date of the old scheme using the new scheme. 

spaniel101

2. New provisions that enable the scheme to:

• implement a ‘deferred choice underpin’ which will offer eligible members a choice over the set of benefits (legacy scheme or new scheme) they wish to receive when pension benefits become payable for any pensionable service during the remedy period 1 April 2015 to 31 March 2022

Some will be better off retaining 1995, some will be better off keeping 2015 accrual thus far. 

Dazed_and_C0nfused

MX5huggy said:

Pipkin1812 said:

Interesting point about protection of retirement age by McCloud on the original scheme. If you’ve been moved across to the new scheme would that apply to any pension built up since the change in scheme?

As I understand it they look at what your pension would be using the old scheme and what your pension is using the current and then just give you the better one, they won’t give you the retirement date of the old scheme using the new scheme. 

But I don't think they will actually "give you the better one" as ultimately that is going to have to be a personal choice about what's "better".  Especially on the schemes where the accrual rate has jumped significantly.

A smaller pension at say 60 will be attractive to some.

Others will prefer a larger pension at 65/67/68.

Some may find the new scheme taken early with actuarial reduction is the right option for them.

Nurse2047

Kristoff77 said:

Thankyou for the replies. I hadn't even thought about a private pension and I'll have to read up about this a bit, I presume it won't negatively impact my state or NHS pension? Mu salary isn't high. I was thinking a LISA or S&S isa could be the way to go but unfortunately I've missed out on the S&S LISA (I opened a cash one at 39). Also a personal pension would mean someone could invest for me as I have no knowledge of investments.

Not advice however I opened a s&s isa and SIPP with Vanguard. 

https://youtu.be/AVSsvn6Qwgc May help 
https://youtu.be/yG5plUMBtzQ