The NHS Pension scheme continues to be one of the most comprehensive schemes available in the UK. Membership of the NHS Pension scheme is automatic when you join us. As of 1 April 2024, the amount employers pay towards members’ pensions increased from 20.6% to 23.7% of pensionable pay.
Pension scheme flexibilities include the age at which staff can retire, the length of time staff take to retire and the nature and pattern of work and the lead up to final retirement. Key options are:
Wind down: as an alternative to retiring, staff can opt to wind down by working fewer days or hours in their current post.
Step down: staff who would like to give up the pressure and responsibilities of their current role can opt to step down into a less demanding and lower graded/paid post, which still makes use of their skills and experience.
Partial Retirement: If you’re aged 55 and over and you have agreement from your employer, you can choose to take part, or all of your pension benefits while you continue working in NHS employment and build your pension benefits in the 2015 Scheme. This is formerly known as drawdown.
Retire and return: Staff who have reached the normal retirement age can opt to retire, take all of their pension benefits and return to NHS Employment. Options available include registering for Staffing Solutions and in certain cases returning back on a fixed term contract.
Early retirement reduction buy out (ERRBO): after joining the 2015 scheme there is a 3 month window to take out an agreement with a buy out period. Members can pay additional contributions to buy out, or reduce, the actuarial reduction that would be applied to their pension were they to retire before normal pension age.
As of 1 April 2022, every member of the NHS Pension Scheme build up their pension benefits in the same scheme – the 2015 scheme. Find out more www.nhsbsa.nhs.uk/changes-public-service-pensions
The NHS pension scheme can feel difficult to navigate. The NHS Pension Hub aims to help you understand it, and to take care of the management, including updating beneficiaries, changing personal details, updating contributions etc. www.nhsbsa.nhs.uk/member-hub