NHS 1995 Pension Lump Sum - Working outside NHS

Ajp1967

Hi.  I have been trying to speak to the NHS pensions team to no avail so thought would ask here.  My situation is that I contributed to the 1995 scheme many years ago when I worked for the NHS but stopped after 3-4 years when I left.   The lump sum is around 8k and pension 2.5k annually.  My question is how, and if I can take the lump sum at 60 ?    Do I have to retire from my current job (outside the NHS) and return or do I have to wait until I am fully retired ?   There is a lot of info on what to do if you still work for and contribute to the NHS but not so much if you dont which is my position.   Thanks in advance.

molerat

https://www.nhsbsa.nhs.uk/sites/default/files/2024-05/1995-2008 Members Guide (V25) 05.2024.pdf

https://www.nhsbsa.nhs.uk/sites/default/files/2024-04/AW8P (V23) - 04.2024.pdf

You can't take just the lump sum, you have to commence the pension, yours will be too large to take trivial commutation.

https://faq.nhsbsa.nhs.uk/knowledgebase/article/KA-05136/en-us

Flugelhorn

when you take your deferred 95 pension they don't ask if you are working anywhere else so you just take it at 60 

Ajp1967

Sorry this may sound like a stupid question but it's ok to do this ?  I thought it was from what I read but as you can tell I am not an expert.

spaniel101

Ajp1967 said:

Hi.  I have been trying to speak to the NHS pensions team to no avail so thought would ask here.  My situation is that I contributed to the 1995 scheme many years ago when I worked for the NHS but stopped after 3-4 years when I left.   The lump sum is around 8k and pension 2.5k annually.  My question is how, and if I can take the lump sum at 60 ?    Do I have to retire from my current job (outside the NHS) and return or do I have to wait until I am fully retired ?   There is a lot of info on what to do if you still work for and contribute to the NHS but not so much if you dont which is my position.   Thanks in advance.

Since you no longer work within the NHS, you can completely ignore Retire and Return/partial retirement as this only applies to 'active' nhs employment.   

You can take your Deferred 1995 nhs pension and lump sum together, at NRA of 60, or before with actuarial reduction (50 if you were a member prior to 6th April 2006, or 55 there after).


Molerat has posted the appropriate AW8P form above for applying for your Deferred nhs pension, which you fill in and send directly to NHS Pensions.

tacpot12

Ajp1967 said:

Sorry this may sound like a stupid question but it's ok to do this ?  I thought it was from what I read but as you can tell I am not an expert.

Yes, you are ok to do this. The only considerations are that you will pay more tax if you are still working when you claim your NHS 1995 pension. With the 1995 scheme there is no point delaying taking it - it won't go up because you have delaying taking it, so take it at 60 if you can last that long. 

Get the AW8P form off in good time - about three months before you reach 60 is about right. I would also pay to have it delivered by special delivery so you know that it has arrived.