NHS section 95 early retirement

Random47

So a person can retire at 50 (with actuarial reductions) if they joined NHS 1995 section before April 2006 (55 if joined after April 2006). My questions are:

1. My wife joined NHS Jan 2000 and entered scheme. As her retirement age from government is 67 and early only from 57, does the government age somehow supersede the NHS? or is this 57 just for private pension access (ie SIPP)?

2. If she were able to retire at 50 her NPA of the 1995 scheme was/is 60 and therefore it would be the respective x10 years early of actuarial reduction. As she stayed in 1995 scheme until 2015 which has now been extended to 2022, can I assume the whole pension on 1995 is age NPA 60 (ie years 2000-2022)?

BrilliantButScary

https://www.nhsbsa.nhs.uk/sites/default/files/2019-08/Early Retirement factsheet (05.2017) V3.pdf

https://www.nhsbsa.nhs.uk/public-service-pensions-remedy-mccloud/making-your-decision-about-your-nhs-pension-benefits

The above should answer your questions and probably raise others.

Random47

BrilliantButScary said:

https://www.nhsbsa.nhs.uk/sites/default/files/2019-08/Early Retirement factsheet (05.2017) V3.pdf

https://www.nhsbsa.nhs.uk/public-service-pensions-remedy-mccloud/making-your-decision-about-your-nhs-pension-benefits

The above should answer your questions and probably raise others.

The above is known and which factors in my original questions.

It does however, pop up the other question of 2015 scheme which has a maximum of 13 years early actuarial reduction (47%) from NPA (67.5 in wife's case). So lets say she retired at 50 - does that mean she does not receive the 2015 scheme benefits element until 67.5 minus 13 years (54.5 years of age), ergo only getting 1995 early reduce pension benefit element from age 50 until 54.5, where thereafter 2015 benefits added (and with maximum reduction applied)?

BrilliantButScary

1. Your wife has a protected pension age of less than 55 years of age, given that she was a member of the NHS 1995 scheme prior to April 2006. 

https://adviser.royallondon.com/technical-central/pensions/benefit-options/increase-in-normal-minimum-pension-age-in-2028/

2. If your wife has made the decision to have her service between 1 April 2015 - 31 March 2022 included in the 1995 scheme then she will get legacy benefits. Therefore your assumption will be correct.

3. Normal Minimum Pension Age in the NHS 2015 scheme is 55 years, so the actuarial reduction will be your wife's NRA (Normal Retirement Age) which you state is 67.5 years - 55 years = 12.5 years. The pension will be paid at 55 years old, with a reduction as per the Early Retirement Fact sheet posted above, I would guess 46% actuarial reduction.

Random47

BrilliantButScary said:

1. Your wife has a protected pension age of less than 55 years of age, given that she was a member of the NHS 1995 scheme prior to April 2006. 

https://adviser.royallondon.com/technical-central/pensions/benefit-options/increase-in-normal-minimum-pension-age-in-2028/

2. If your wife has made the decision to have her service between 1 April 2015 - 31 March 2022 included in the 1995 scheme then she will get legacy benefits. Therefore your assumption will be correct.

3. Normal Minimum Pension Age in the NHS 2015 scheme is 55 years, so the actuarial reduction will be your wife's NRA (Normal Retirement Age) which you state is 67.5 years - 55 years = 12.5 years. The pension will be paid at 55 years old, with a reduction as per the Early Retirement Fact sheet posted above, I would guess 46% actuarial reduction.

Good to get clarified. Cheers