Understanding NHS pension

[LifeisHard73]

I’m asking this on behalf of my DH. Hopefully someone with an NHS pension who actually understands will come along and help!

He's worked for the NHS FOR 24 years. He has 2 scheme 1995 and 2015. Ignoring the 1995 one we have been looking at the 2015 one and on average he’s been paying in 5k a year so roughly 45k. But his pension is worth just 6k a year currently. Is this correct? I know it pays out until he dies but it doesn’t seem a lot considering his employer will also have been contributing. I thought it was a calculation of final salary?

Thanks and sorry if I’m (we’re), being dumb!

Depending on what his job role is, his 1995 pension pays out at 55 or 60.
Wha does he do?

Yes, it’s a good one. 1/80 of final salary x number of years in scheme. Plus a sizeable lump sum.

For AfC pay grades, that is.

What age does the 2008 scheme pay out at? I missed the 1995 scheme by a week! Waiting for my bloody pin to come through!

I think me missing out on the previous scheme is a big regret of mine! Could have made a difference of retiring 5 years sooner! 😣

67 (state pension age) for the 2015 scheme sadly.
The 1997 is the only one you can take earlier and it's still 60. I've actually just checked as I got all excited at 65 😢

I’m in the 2008 and I get mine at 65.

Oh, I see @SnakesAndArrows I only have 1997 and 2015 now, sorry misunderstood

I can get my 1995 plus lump sum at 55 without penalty as I have special class status.
Not giving up that golden ticket, it's the only thing keeping me going atm.

It’s on my escape plan spreadsheet. 😁

I’ve emailed the nhs bsa thing someone mention earlier and asked for a forecast so thanks for that.

I retired in 2020
Was moved into the 2015 scheme in 2015 until 2020
What will happen - will they offer the change back for those last 5 years?
TIA

Have you already taken your pension?

I believe you will be compensated. https://commonslibrary.parliament.uk/research-briefings/cbp-9177/

Yes in 2020

Oh that's really helpful
Thank you
Looks like I will be contacted by end of next year

I got into the 1995 by the skin of my teeth and can take it at 55. Im 56 now and my retirement date is 1st April so im hoping the lump sum wont take long after that. I will go back 29 hours. I dont know whether to drop more or not. I will wait to see what the numbers are.

He should sign up for a pensions workshop which are regularly held by most trusts or he can contact his trusts pensions department and ask if he can have a 1-2-1 session

@CormorantStrikesBack yes, google NHS pensions, you will need to email them but they will send you login details and you can see your pension info

He’s operational now, but a nurse by qualification. He’s an 8b if that helps.

If you phone the NHS pensions people they are really helpful and can talk you through the total rewards statement and how much you will get.
https://www.nhsbsa.nhs.uk/member-hub/contact-nhs-pensions-members

He would need to have retained Special Status in his current role to be able to leave at 55. I.E. he has to be a qualified nurse to undertake his correct role.

He’s still registered and will keep up his registration.

Not what I said. The role needs to require a registered nurse. Else he will have lost his Special Status.

Ok, that’s another matter for another time. Thanks for your help.