NHS Physio pension and CPI

Chisser

May I ask a question? I’m a NHS physiotherapist, aged 58 1/2 and being made redundant. I have contributions in both the 1995 scheme and the 2015 scheme. I plan to take my earlier 1995 pension at 60 and a much actuarily-reduced 2015 pension also at 60. Will my existing NHS pensions go up by CPI+1.5% for the next 19 months when I am 60 if I do not work again?

Dazed_and_C0nfused

Chisser said:

May I ask a question? I’m a NHS physiotherapist, aged 58 1/2 and being made redundant. I have contributions in both the 1995 scheme and the 2015 scheme. I plan to take my earlier 1995 pension at 60 and a much actuarily-reduced 2015 pension also at 60. Will my existing NHS pensions go up by CPI+1.5% for the next 19 months when I am 60 if I do not work again?

No, that is the in service revaluation.

Once you leave and become a deferred member you will just get CPI.

hugheskevi

No, deferred member revaluation is simply CPI increases, which will be the same as the pension increases by once in payment too.

ali_bear

Of course you can ask questions. Could you sort out my elbow in return? 

Do you have to take the 2015 pension or could you leave it until later? 

BrilliantButScary

Dazed_and_C0nfused said:

Chisser said:

May I ask a question? I’m a NHS physiotherapist, aged 58 1/2 and being made redundant. I have contributions in both the 1995 scheme and the 2015 scheme. I plan to take my earlier 1995 pension at 60 and a much actuarily-reduced 2015 pension also at 60. Will my existing NHS pensions go up by CPI+1.5% for the next 19 months when I am 60 if I do not work again?

No, that is the in service revaluation.

Once you leave and become a deferred member you will just get CPI.

Don't forget about the McCloud Remedy.
You will be able to decide under which scheme, either 1995, or 2015, you want the years from 1st April 2015 until 31st March 2022 to be classed as.
Therefore you may have very little service in the 2015 scheme.
https://www.nhsbsa.nhs.uk/public-service-pensions-remedy-mccloud/making-your-decision-about-your-nhs-pension-benefits

Purplelady65

Chisser said:

May I ask a question? I’m a NHS physiotherapist, aged 58 1/2 and being made redundant. I have contributions in both the 1995 scheme and the 2015 scheme. I plan to take my earlier 1995 pension at 60 and a much actuarily-reduced 2015 pension also at 60. Will my existing NHS pensions go up by CPI+1.5% for the next 19 months when I am 60 if I do not work again?

Have you had any calculations done on using your redundancy pay to offset against any actuarial reduction if you took your pension now? This should be offered to you as an option as part of the redundancy process. Your employer can organise quotes with NHSBA.