NHS pension - best time of year to start

Bobinyorkshire

To maximise the increase in CPI, is it best to take my NHS pension as an active member as soon as possible after the new financial year in April or are the calculations pro rota over the year? 

spaniel101

Yes its pro-rata. 

I don't believe the detailed Public Service Pensions Increase 2026 Multiplier Tables have been released as yet, usually early February, but here's 2025 as a guide to the tables. 

https://www.gov.uk/government/publications/public-service-pensions-increase-2025#:~:text=Details,it has been in payment.

Details

"The multiplier tables are produced to help scheme administrators correctly apply the annual increase to public service pensions, taking into account increases from previous years.

Public service pensions which have been in payment for a year will be increased by 1.7% from 7 April 2025 in line with the September-to-September increase in the Consumer Price Index (CPI). Any pension which has been in payment for less than a year will be increased by a proportionate amount depending on the number of months it has been in payment".

Flugelhorn

Bobinyorkshire said:

To maximise the increase in CPI, is it best to take my NHS pension as an active member as soon as possible after the new financial year in April or are the calculations pro rota over the year? 

when I took mine, it was as soon as I could as you don't get back payments  - but that was the 1995 scheme and things may be different now 

Nebulous2

I posted about something similar before - thread here:

When to retire NHS — MoneySavingExpert Forum

I'm talking about very modest amounts of money for mine, but the consensus seems to be that it doesn't matter.

Bobinyorkshire

Thank you. I’ll have a read. Presumably the calculation starts the when the pension starts rather than when you apply, so it’ll be after April now anyway. Curiously does anyone know the time lag between application and starting payment?

Nebulous2

https://forums.moneysavingexpert.com/discussion/comment/81856881#Comment_81856881

That will vary depending where you are - but in Scotland the SPPA are quoting 5 months…..

HedgehogRulez

https://forums.moneysavingexpert.com/discussion/comment/81856881#Comment_81856881

are Capita involved?….

Moonwolf

https://forums.moneysavingexpert.com/discussion/comment/81855795#Comment_81855795

If you have 1995 pension and are still working in the NHS there is no backdating if you claim the pension after 60 so you lose that money. If you have left the NHS then it can be backdated.