64 year old transferring in DCs to NHS pension early retirement options

Marineboy1961

Can anyone tell me about the following please ...
1.Early retirement calculator for 2015 scheme I've just joined the NHS about a year ago. I am looking to see how early I can take my NHS pension and minimise any reductions.
2. The tax free allowance limit for transferring private pensions to my existing NHS pension
* I am 64 in 280161. I understand that their is a tax free allowance not sure how it works? 

Marineboy1961

Apologies should have said I am 64 this month !

Marineboy1961

FYI since my earlier thread..

I have found out that the NHS 2015 scheme retirement is same as state pension age. For me it is 66 years and 10 months. I will have to wait another 2 years 9 months. It feels too long to wait!

If I take early retirement there are penalties it appears to be 5% if a year early..

NHS pension Allowance before you pay tax  is 40k for tax years 21-22 & 22-23. then its gone up to 60k 23-24, 24-25.
Any thoughts appreciated. Its a minefield I was clueless and I was going to transfer 157 k into NHS pension but needed to be aware of tax implications ...

Kind regards
P

seventh88

I’d say book an appointment with the NHS pension service, they can usually talk you through your options - I’ve found this helpful in the past 

seventh88

PS
this is a mortgage free wannabe board, but I think there are also pension boards elsewhere on the forum, so try asking there too as you may get more responses 

Moonwolf

There is an early retirement factsheet here that gives you the basic reductions so 6% for one year early and 11% for 2 years early.  https://www.nhsbsa.nhs.uk/sites/default/files/2019-08/Early Retirement factsheet (05.2017) V3.pdf

They do adjust it for part years.  My 1995 pension would have been reduced by 5% at 1 year but was 3% at 9 months.

Unless I have misunderstood, if you are transferring in a pension the tax free allowance shouldn't apply as the money is already in a pension.  However you can only transfer in during your first year so if you haven't started the process and you are nearing a year you need to start it.

If you have more than one DC pension, could you transfer in all but one, retire and then draw down from the the remaining DC pension to live on until your pensions kick in?  If you have no other income you can draw down £16,760 a year from a DC pension without paying tax.