NHS pension (1995 section)

[lindastoke]

I am 57 now and planning to retire at 60. I started with 1995 pension and now I guess will be in 2022 section from April. If I want to retire at 60, can I retire at 60 without penalty from 1996-2022 and then pay penalty for 2022- till 2025. Or would I be penalised for all NHS service years. Thanks 🙏

What penalty are you talking about?

There is a reduction for early payment but that's not a penalty, just an adjustment to reflect the fact the pension will be paid for more years than accounted for in the original sums.

I know what you mean, OP, I think.

In the 1995 scheme, retiring at 60 would mean no adjustments were made for early retirement as 60 was the normal pension age.

I'm younger than you but was still in the 1995 section. It's a good question. I don't know the answer but will follow this thread. 😊

You can retire at 60 taking the full 1995 pension (which can go to 2022 under mccloud rule). Your 2015 pension element will be reduced as taking early. They have a consultation currently suggesting people could take 95 pension and continue to work and add to 2015 until state retirement age (should you wish to continue working at all). Hope this helps!

Thank you so much for your helpful response.

Thanks @smn772

I'm also in the 95 section and am 46 now, planing to go at 60. I find it so confusing! I though I could only take the 95 part but the 2015 part couldn't be taken until state retirement age?!

You can take your 2015 earlier than state retirement age but will have reduced benefits for that portion. If you are in a union they usually offer a free financial advise session. Also your employers will sometimes run webinars etc. ps I'm a nurse not a financial adviser and this is my understanding from advice I have received etx