Cpi/Rpi effect on pension lump sum

Pensioner2023

Sorry..I am not sure how to ask this..
It has been suggested that it would be to my financial benefit to retire from nhs around 20th April next year rather than in March when I could go.
Can anyone expand on this is the simplest terms please?

MX5huggy

Which scheme year are you in?  (Or when did you join the NHS) If the older ones you have a lump sum due this will benefit from being calculated after the indexing is applied. 

Pensioner2023

Joined 2001.
Changed to 2008...dont ask!
Then 2015.
 

Silvertabby

Is your pension deferred, or are you still working/paying into the scheme?

Pensioner2023

Working/paying into scheme until I retire.
Band 3

Pensioner2023

So when is the indexing applied?... ie.. what date should I set to retire?

I only found out about this in a chance conversation this week.

FrugalFredi

My OH is in a similar position, retiring from NHS in early March 2023, age 60. She's also heard stories that waiting until April is better, but no-one is able to say why. After McCloud is implemented, her pension will be almost all 1995 scheme. 

The only advantage we see in waiting until April is that her final salary pension would then be based on the full 12 month period since her last pay increase in April 2022. For her, this is not significant enough to worry about. Unless we've missed something?

Pensioner2023

Bumping for reply...hopefully!!😯

Can anyone tell me ...based on above info/question... what date should I retire to get maximum benefit from 10.1 CPI?

Thank you

Silvertabby

As you are retiring from active service, rather than deferred, going after 12 April will mean that the CARE part of your pension will be re-valued.  CPI plus 1.5% for the NHS?  

Pensioner2023

Thank you so much Silvertabby!
Don't know about the +1.5% ( I am in Scotland..if that makes a difference?)..
I was so worried about choosing the wrong date and potentially missing out long term...
My thanks again.

Black_Cat2

This got me looking into my OH's DB pension and it revalues at Septembers CPI capped at 5%.  Did a bit of googling to look for historic Sept CPI percentages particularly since 2017 and got a bit lost!  Is there an 'idiots' website just showing all Sept CPI's in % form that anyone is aware of please?