Can I retire?

[Toooldforwork]

I have an NHS pension, one means I can retire at 60 and one 67. Both are lump sums (not a huge amount and a very small annual payment). I hate my job, I am so fed up with the GPs I work with and the poor care our patients receive. I want to give up work but not sure how this affects my pension. Does anyone know whether I can take the lump sum early. Its really hard to find out anything via our pensions website.

Thanks.

Phone the NHS Pensions Service. They’re very helpful.

I agree they're very helpful if you call

I do think though that the only way you can take it early is if you retire through ill health. Check though, im no expert.

I'm sorry you feel so down about your work; I felt the same before I managed to get out.

I've worked here for 15 years but feel so disillusioned by what I see. I am in tears most days.

How old are you ?

How old are you?
The 2015 NHS pension you mention (retirement age 67) doesn't pay a lump sum OP.

I'm 56!

I took a pension early (not NHS) and it was actuarially reduced to compensate for taking it early. If it had been because of ill health I think I would have got the full amount. I took the lump sum as well.

I think you have to wait until 60 then, and at 60 figure out if you can afford to live in the small annual amount (and the lump sum ?! ) for 7 years until you reach retirement age at 67.

Or of course you can always find a different job, in a different field i.e. supermarket at min wage as I believe your NHS pensions will freeze until you are 60 + 67

I can retire at 60 and one 67. Both are lump sums (not a huge amount and a very small annual payment).

Right.

You're in the 1995 and 2015 pension then.

The 1995 has a compulsory minimum lump sum (you can exchange part of the monthly pension for a larger lump if you want). The 2015 has no automatic lump sum but again you can choose to swap part of the monthly pension and take a lump sum instead.

Both pensions can be taken from age 55, but will be reduced by approx 5% for each year before normal pension age.

There is also the option of taking partial retirement - take between 20% and 100% of your pension (same reductions apply if this is before normal pension age), reduce your hours, and carry on paying into a new pension.

Working outside the NHS has no effect on whether or when you take your pension. If you leave to work elsewhere and don't take your pension, it will sit there dormant and will go up each year in line with inflation.

If you do carry on working for the NHS, you need to staty the claim for your 1995 pension about 4 months before you turn 60 - any unclaimed months (or years) are lost. However, if you have left the NHS before 60 and claim your pension late, you get the missed payments as backpay (beware of this tipping you over income tax thresholds if you've left it a few years).

And you cannot take only the lump sum - it can only be taken with the monthly payments. And vice versa.

Thanks all. Food for thought!

Sorry but I agree you’re not an expert…. Your info is wrong.
pension advice should ALWAYS be sought from a pensions specialist.
Your employer should give you details of how to contact NHS pensions.

It's quite hard to get through to the pensions service at the moment because they are dealing with an avalanche of enquiries about the new partial retirement options and the McCloud remedy.

You can read the information sheets for each scheme

https://www.nhsbsa.nhs.uk/sites/default/files/2018-04/Key%20Notes-1995%20Section%20Estimates%20%28web%29-20180409-%28V2%29.pdf

https://www.nhsbsa.nhs.uk/sites/default/files/2015%20Members%20Guide%20%28V11%29%2007.2021.pdf and get a lot of info from the NHSBSA website.

I retired early, currently 53 years old. I eventually gave up due to work related poor health, and my scheme allowed an enhanced or pension and benefits due to that. I would seek advice from your provider, and then carefully do your sums. Take into account how you want to live and what you want to be able to do in your retirement, as opposed to planning to live like a hermit. But there is nothing wrong with retiring early, but it isn't for everyone.

Get a forecast first.

You should join the facebook group:

NHS pension chat:member led discussion.

It's extremely helpful for getting to grips with the NHS pension schemes.

It is a great group. But please read the FAQs before you start asking questions there.