Leaving NHS what will happen to pension

[FabFitFifties]

I can take early retirement at 55. I am currently 54 and don't think I can wait that long. I am planning to leave NHS but still work. I've been paying into my pension for 35 years. Does anyone know what will happen to my pension? Not planning to transfer it.

https://www.nhsbsa.nhs.uk/sites/default/files/2018-11/Leaving%20Early%20and%20Transferring%20Out%20Guide%20%28V16%29%20-%2011.2018.pdf

This guide explains the options depending on which scheme(s) you are in. Page 8 appears to imply your deferred pension will increase each April.

Your best bet is to talk to your pension team.

You are likely to be impacted by McCloud remedy so you need to be aware of the options.

There is a website https://www.nhsbsa.nhs.uk/member-hub

Have you had your forecast via the gateway?
I retired at 55 from the Nhs.
Talk to your manager- see if you can go to part time?
Try and hobble along this last year- if you've got special class status then after a certain amount of years (which you've probably got) your pension contribution is doubled (2 years for every year) so it's def worth it.

My sister works for NHS. She took part of her pension early (59), had to take 4 weeks off work (I think) then went back part time. She still pays into her pension so when she finishes completely her pension will increase a bit.

You can leave now but obviously no more contributions and you can take whole pension at 55 but what are you going to live on until you are 55? The difference a few more months contributions will make to your pension is negligible.

As a pp said do check that you won’t lose the right to take unreduced benefits at 55 if you leave early, if that applies to you.

You can flexi retire without taking time off now. Could you do that and go part-time until you're 55?

I could be wrong (hopefully someone better informed will come along). My sister was in a similar position of desperation and was advised to carry on to 55. The understanding was that if you leave NHS pension scheme before 55 your pension is not index linked. This is a huge risk with inflation as it is. Good luck

if you stop paying in before you are 55 but do not try and take it before 55, it is still index linked once you take it but the pot you had when you stopped paying in doesn't grow incremental as an investment in the intervening period so if OP is 54 and resigns and then in a few months once she is 55 she says she wants to take her pension in full with mccloud remedy then that's OK but OP needs something to live on until she is 55