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?

And I still work with nurses in their sixties who haven’t a clue that they can take their money and continue working.

I’ve just got my letter they are very quick to respond my lump will be 90,000 and 13,000 pension I don’t think that’s bad at all. I’ve been off a year with cancer so I hope that won’t have a negative impact on the quote. Now that I have it and I don’t know whether it will ever really go I’m taking the big lump sum. If I had a lot more years left in me I’d take the smaller sum and bigger monthly pension.

@beeswain - that's what I plan to do as it's a much better scheme & if I can take that at 60 then I will.

I then will take my 2023 onwards pension at usual pension age (67/8)

So if I retire at 60 can work part time for as long as I am able until then - can't see it being for long under current conditions - I think my health will give out before then.

@RoséProsecco yes, you absolutely should take it at 60 - as there is no benefit in not taking it. I'm planning to move to a less stressful post in a year or so, cut my hours and wind down slowly. Being able to continue some pension benefits in the 2015 is an added bonus

I’d recommend the free webinars on
https://www.sbs.nhs.uk/article/15598/Free-Webinars-for-NHS-Employees#cookie-consents-updated. They explain the different pension schemes
soe Ian class status / early reductions and the difference between nee retire and return and early retirement. There’s also a good NHS pensions Facebook group..
check your state pension forcast too in case you are opted out of any years. Good luck 51 is a good time to start planning