NHS PENSION SCHEME QUESTIONS
- I am currently considering retirement options. I am on NHS Agenda for Change terms and have pensionable service in both the 1995 scheme (since 2002 with a normal pension age of 60 y.o.) and service in the 2015 scheme with a NPA of 67 .yo.. My intention is to retire 13 months after I reach the band maximum at the age of 58. I would not claim either of my pensions at this time. I would claim my 1995 benefits at age 60 (without actuarial reduction ) and my 2015 benefits at age 66 with actuarial reduction. I have a few questions I am seeking answers to and would appreciate any help that can be offered. It would be helpful if you could provide a link to “official sources” that confirm any advice given. I believe the answers to the following questions are YES but would welcome any contrary advice.
a. Once I leave NHS employment at age 58 (but defer taking my pension) are my 1995 pension benefits uprated in accordance with treasury orders at CPI until age 60 when I take my 1995 pension benefits. Does the first “uprating / revaluation take place in the April following the date I leave NHS employment. (I realise the first uprating may be pro rata depending on the actual date I leave NHS employment)?
b. Under the 2015 scheme are deferred benefits uprated annually ( the first uprating being in April after I leave NHS employment) at CPI + 1.5% between the date I leave NHS employment (at age 58) until the time I draw them at age 66 and then subsequently at CPI in accordance with Treasury Orders ?
c. In the scenario I have described in the first paragraph (1) is it the case that at the time I draw my 2015 pension that it is uprated as described above (b) BEFORE any actuarial reduction is applied?
- I am aware of the McCloud judgement and will consider my options in the light of this. Finally, I have seen a calculator provided by NHS Scotland which models the options under the Mc Cloud judgement but have not found an equivalent NHS England calculator – Does one exist?. The NHS Scotland version is here mccloudnhsmodeller.pensions.gov.scot/about%20you
- Can anyone confirm whether the NHS 1995 / 2015 pension schemes in Scotland are directly comparable to the NHS England 1995 and 2015 schemes? Is there any reason why the Scottish calculator could not be used for NHS England members?