Retire and Return scheme NHS

[Orangebadger]

Has anyone done the retire and return scheme with their '95 pension?

I am 51 so too young to do it yet. But looking for peoples experiences and any possible pitfalls? I know so little about pensions but this just seems too good so I naturally think there must be a pitfall that I don't know about.

From what I understand you can claim your 1995 pension and return to work after 1 day and then continue to contribute to your 2015 pension. More than this I don't know. Obviously I plan on finding out and getting my own pension statement, but are there any downfalls?

I think you have to return on less hours than you were working pre-retirement (can’t remember the percentage less though)

Trusts vary on how long a break you have to have- not always only 24 hours

Not all trusts are 24 hours. Some trusts insist on longer breaks, which can remove your right to redundancy pay.

It's all down to service need and up to your LM, but you would need to reduce hours by 10% if your R&R is accepted.

1995 NPA is 60 so 9 years off for you. I think you're too young at 51 to be SCS status, which has NPA of 55.

I don't think there's anything like a bargain in this sort of situation

I'm the same age too, OP with 30 years service - and would like to do the same thing.

I don't know the answer though - and do wonder if it will still be possible in a decade.

She's possibly not. I have SCS (thank God) and was only 52 this month.

I had actually never heard of SCS but you are right I may have missed that one, I qualified in 1999 and started my pension then. So 60 it is! But that's something did not know as an ex colleague of mine who qualified after me but is older than me did retire at 55. So does this mean I could not retire and return until 60?

I think you can retire at 55 in the 1995 scheme but you'll forgo 25% of your pension. It's actuarily reduced by 5% every year you retire early back from 60 (NPA). So theoretically possible to R + R in that situation plus continuing to pay into your 2015 pension scheme.

Your colleague would have needed to be in post (certain healthcare posts only) before March 1995 to have been eligible for SCS.

I have done R &R - age 60. You will need to check on your TRS statement but you would probably know if you have SCS, in which case you can go at 55 with no reductions
Each Trust will have a policy on how much of a break you need to take- in my Trust it was 2 weeks.
The way it works is that you firstly need to have your Managers full agreement to 're hire' you for the same post. Then you officially retire, claim your pension and are then re employed.
There is also the new policy of 'partial retirement' where you don't need to leave and be re employed but the rule here is that you need to reduce your pensionable pay by 10% for a year.
Contact your pensions officer in payroll, they are very knowledgeable adn will point you in the right direction.

I'm just 52, but do have SCS - I rejoined Superannuation in Feb 1995. To qualify you had to be in (in certain roles) before April 1995. At the time I was working as a Midwife, I'm now back as a Staff Nurse so have remained in SCS.

I'm planning to take my pension at 55 and return. I know colleagues who have done it with similar circumstances as myself (band 6, working 30hrs). Taking the pension & coming back 2 days (15hrs) they say their current monthly take home means their monthly income hasn't dropped from pre-retirement.

I think the new "partial retirement" means you don't need to break service before you come back, but obviously it's dependent on service needs. I need to do more reading up on it. My trust do do regular pension events for staff coming up to retirement so they can find out their options.

I did R&R aged 60, got a lovely lump sum, had to take one week away from work, then had to work 16 hours a week for a month, then back to my usual 30 hours. I am in Wales though, it may be different in England. Now working 24 hours (2 shifts a week) and life is good. I am on a rolling yearly contract which is automatically renewed unless I say otherwise. I have just revalidated for the last time!!! Yay!

There's an amazing 'NHS Pensions Chat' group on Facebook. Really knowledgeable and great source of reliable information

Go on esr and check your total Rewards statment my 1995 pension says age 60 but my older friend says 55

Good. Luck, I find it a bit of a mine field and I have a 1995 pension and a 2015 one. I am now working full time local council and just 6 hours in the nhs a week so goodness know how it will be affected and if I should plan to go back to nhs full Time before I retire for a bit.

Oh thank you. Will have a look

Yes, at work today, just had a look and it does say 60.

Can really see how working part time has affected my 2015 pension! Think I may need to up my hours!

www.england.nhs.uk/looking-after-our-people/the-programme-and-resources/pensions-and-flexible-working-in-your-later-career/retire-and-return/

Pretty much everyone does this now. You no longer have to take time off or reduce your hours unless you choose to for tax purposes
I'm 55 in a couple of months and seriously considering it

I may have to reactivate Facebook to ask in the group!

I have scs and I’m 56 in the 1995. I’m going to do partial retirement. Stay on same contract and carry on paying into 2015z it looks easy written down but let’s see.

If you take any benefits from the 1995 section you will need to leave the NHS pension scheme. You will be auto-enrolled into Nest if you rejoin. It is not comparable as it’s not a defined benefit scheme.

@messybutfun the regulations changed in April, allowing staff who take 1995 pension to continue to contribute to 2015.

Our receptionist had to have minimum of two weeks off.

I wasn’t aware it’s changed - that’s good

I thought the McCloud remedy allowed until the end of March 22?

McCloud remedy will mean that people will have a choice to roll back any contributions made up until March 22 that are in the 2015 scheme back to the 95 or 2008. The ability to continue paying into 2015 after claiming 95 pension is a different rule which changed April 23.