Should I collect my NHS pension now? 1995 section, aged 60.

[Fordian]

I'm still working, but is there any point in NOT collecting the pension I'm entitled to from the 1995 section as its 'normal retirement age' is 60, and I'm now 60? I've been NHS since 2004.

I mean, being a defined benefit scheme that money (in that section) won't grow, will it? So I may as well collect it?

The more I think about it the more I think is there any point in leaving £90,000 in there when I can’t add to it why not take it and go back three days a week? My pension would be just over a thousand a month. I’m single and no children so really it won’t go anywhere after I die so should I be drawing it out?

To be fair, that's the most humorous reply, here.

NHS HR know actually nothing. Seriously. They are seriously shite. 'Ooh! What does your line manager think?'- rubbish.

She's clueless which is why I'm asking you.

i worked for the nhs for 10 years and left in 2010.

any idea what I should do with my pension? not even sure which version I’m in.

i’m 52 now and would like to retire at 60, am I best just leaving it?

I have a pension from my current non nhs role as well, and a sipp, does that make a difference?

I would if given the chance.

I left the NHS 5 years ago and am aged 54 now. I am pretty certain I am in the 1995 scheme. Does anyone know if I will be able to take my NHS pension at age 60 ? I find it all so confusing.

Oh!!!
Have you tried contacting NHS pensions www.nhsbsa.nhs.uk

They were very helpful to a colleague in similar position

Another vote for contacting nhs pensions. I moved from having zero idea about what was going on to at least 50% of a clue in one conversation with them. The rules have just changed so go straight to the source.

I'd wait a short time until the outcome of the current consultation is known - it's likely to be really positive for staff in your situation - so, I think the McCloud remedy will mean that some of your pension moves from the 2015 scheme to the 1995 scheme, and I think you'll be able to claim your 1995 scheme and both keep working and contributing to the 2015 scheme if that would still be beneficial to you.

I find NHS pensions really complicated. There's a FB group called NHS pensions chat that might be useful.

@Fordian
Have you had a recent letter from nhs pensions about more flexible retirement options?

They seem to be going out in stages, but there are significant changes coming in, some with 1/4/23 start date and others with 1/10/23.
Also remember that the McCloud judgement means any pension accrued upto 1/4/22 can be "used" in the 1995 scheme if you wish (as long as you were a member of that scheme)

I'm no expert (which is why I posted!, but I believe you can check your NHS pension online. There's TSR (total reward statement) which you can log into, and ESR (employee staff record), which is where I see my payslips. They're linked. If you log into these , I think they link to each other, you'll get to see, if you're in the 1995 scheme, how much you've accrued, and that you can claim off this at 60.

Surprisingly easy to access, even for technophobe me.

I thought the 1995 one you can take at 55 but the full amount would be if you took it at 60.

It depends on the job you did. Nurses and physios in the 1995 scheme have a protected retirement of 55 and can take the 1995 benefits with no reduction at 55, other professions in this scheme have a retirement age of 60.

Thanks. I was a Nurse but ceased Nursing in 2018. I am 55 in June but don't need to take it for a few years yet. Was hoping to take it at 60.

Thanks. I will take a look.

I can take at 55 which is my age now. Im in no hurry but I dont want to leave it too long if its not gaining anything. If I can go down to two days a week and still practically earn a full time wage its a no brainer really. I just dont know if you would be allowed to do any bank on top of that or would the tax be too much. I will ring them next week.

Check this because you had to be a member pre 1996 or something like that to get the retire at 55 full rate protection even as a nurse I think 🤔

I’m glad it’s not just me that finds the pensions so confusing. I’ve about ten years in the 1995 and some then in the 2015 up to now. I access TRS but it’s still confusing and I can’t retire till 67… so far.

I joined in 1995

@lopsees

I did get that letter- but 😬 I can't find it.

Do you think there's any benefit in waiting for the McCloud report? As in will I kick myself if if I'd waited, I'd get more?

@Fordian , no the McCloud judgement has happened. Essentially for people our age, 1995 section closed in 2021 and new contributions are going into 2015. You will have the option of 2 calculations, taking your 1995 pension up up to 2021 and leaving benefits in 2015 or moving yoy contributions since then from 2015 into the 1995. (I think!)

@beeswain yes that is my reading of it. If you were in the 1995 scheme you will have the choice whether to use any pension between 2015 and 2022 under the old scheme1995 or the new one 2015.

The new changes mean it's likely if you take pension your 1995 pension at 60, you will be able to retire and rejoin under the 2015 scheme. Previously if you retired under the 1995 scheme and returned you were not allowed to build up any more pension.

It used to be the case that you could only come back after ‘retiring’ and taking pension for two years max so check that out first.

Following.
I've been paying in since 1991 and know I have special class status. Just turned 51 so these imminent changes are increasingly relevant.
Although I certainly won't be coming back when retired.

I dont know anyone who hasnt come back in some shape or form. Unless they went at nearly seventy.

My husband took his payout from the 1995 scheme and is now drawing his pension as well as working. He went down to 4 days a week to avoid paying lots of tax but didn't have to resign and then start again 24 hours later. Still, you need to check it out with your pensions people at your hospital.