Pension advise

[MENTALMUM]

Does anyone have any advise on pensions, I work for the NHS and technically cannot retire for a few more years however I am in the original scheme which would allow me to retire early. Due to all the issues with Covid I am seriously considering applying for my pension early then going back to work less hours.
I do not know where to start and hoping someone on here may have done this and can advise me.

[floridasarah]

Hi I also have the 1995 part of my NHS pension preserved due to redundancy. I could potentially take it now but obviously, as you are aware, at a reduced rate. I am thinking of waiting to 60 and then carry on working less hours until I can't any longer or I get my 2015 section paid out at 67 and the state pension if it's still around then..

Hubby is 3 years younger than me but I would love to spend some of the lump sum on a road trip in the USA.

Sorry I can't give advice on taking it as I haven'g yet.

[Tinkerbell]

nhsbsa.nhs.uk/member-hub...e-your-pension

I took early retirement at 55.

Link above might help
Contact Human resources, they'll be able to advise and or the Union

[Trusty ian]

my partner is thinking exactly the same. she in the same nhs pension scheme. she wentvon some government website to check her pension and when she could retire. theres some issue with her last 2 jobs as they were/are managerial roles but requiring nurse role experience too at times. when she cam retire is dependant on a box the employer ticked for nurse or manager on some paper work. i dont understand it all.
i dont have this problem as ive never earnt enough to save for pension until the last 5 years or so. so fingers crossed theres still a state pension when i retire.

[Mary A]

Ask your pensions officer for a pension prediction - mine was very similar to the figures I received. I was asked to give at least 4 months notice, I presume all Trusts are the same? They can do it quicker but prefer that time scale.
There was no problem for me reducing my hours but the policy has now changed at my Trust.

[Bootrip2]

Im 55 and in 95 and 2015 scheme. I might take my 95 one next year. I think there is something going on with 2015 pension as to when you can take it. Our statements are due in august so there may be news on the newer pension then. Good luck with your decision making. X

[pumpkin mom]

I'm 55 and in the process of retiring. 95 scheme for me. Took 4 months to sort. Last clinical working day july 31. Might retire and return two days a week. I know i can only work 16 hours a week for the next month. After that its not very clear.

[MrsBC]

I took mine at 58 and then worked 2 days (23 hours) a week until my 62nd birthday when I could take no more. It took around 3 months, your manager has to agree to you going back part time. I'd have got more pension had I waited, but the 3.5 years of having 5 days off a week more than made up for it. I also chose to take a larger lump sum and a smaller pension, but I actually haven't touched the 'lump' yet as DH is still working until the end of this year.

Your first stop should be your HR dept - ours guided me through it, the pensions officer was really helpful.

[Bootrip2]

Originally Posted by pumpkin mom

I'm 55 and in the process of retiring. 95 scheme for me. Took 4 months to sort. Last clinical working day july 31. Might retire and return two days a week. I know i can only work 16 hours a week for the next month. After that its not very clear.

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Were you not forced into the 2015 scheme? It was only those near 60 who werent forced over in our Trust?

[Bartswife]

I retired last year. Applied in August and payment started in December. Figures will be available on the online portal. I found it a very easy process but even though I’m not the brightest spark I have been able to sort two of my pensions out and DHs who has just retired from Royal Mail.