What happens to my NHS pension if I leave early?
If you decide to retire from the NHS Pension Scheme when on a break in service, your pension will be based on your pensionable earnings at the time you left the scheme and will then increase with inflation. You will not have final salary linking.
Can I retire from NHS at 55?
Under the 2008 Section and the 2015 Pension Scheme, the minimum pension age – the earliest age at which you can draw your NHS pension – is 55. For the 2015 Pension Scheme, your retirement benefits will be reduced if you draw your NHS Pension before your State Pension Age.
Can I take my NHS pension at 56?
If you joined the 1995 Section before 6 April 2006 you can choose to take early retirement from age 50. If you joined the 1995 Section on or after 6 April 2006, your minimum pension age is 55 unless you have a protected minimum pension age. If you returned to the scheme after this date, this might also apply to you.
Can I cash my NHS pension in early?
You can choose to take voluntary early retirement from the minimum retirement age and receive reduced benefits. Your pension is reduced to allow for the fact that it is being paid earlier than expected. Your dependants will still get any benefits they are entitled to in full.
Can I withdraw NHS pension?
You are able to transfer your benefits in and out of the NHS pension scheme. Benefits can generally be transferred out of the scheme at any time before your normal pension age.
Can I take early retirement from NHS?
What is the earliest age you can take your NHS pension?
If you were an active member between 31 March 2000 and 5 April 2006 you may take your pension from age 50. If you were not an active member between these dates then you cannot take your pension until age 55. You may apply for early retirement by contacting NHS Pensions directly.
Which is the earliest age you can draw your NHS pension?
Read the age retirement factsheet (PDF: 160KB) for more about how we calculate your NHS Pension. The earliest age you can draw your pension is the minimum pension age. We reduce an early retirement pension, as it is being paid early and will be in payment for longer.
How is the pension calculated in the NHS?
You will get a pension based on 1/54th of your pensionable pay for each year that you have contributed to the scheme. The pension you get is increased each year by a method known as revaluation. Read the age retirement factsheet (PDF: 160KB) for more about how we calculate your NHS Pension.
What’s the minimum retirement age for the NHS in 2015?
2015 Scheme The minimum pension age in the 2015 Scheme is 55. You can choose to take voluntary early retirement from the minimum retirement age and receive reduced benefits. Your pension is reduced to allow for the fact that it is being paid earlier than expected. Your dependants will still get any benefits they are entitled to in full.
What happens to my pension if I take early retirement?
This is when you voluntarily retire before your NHS pension scheme’s normal pension age: your state pension age in the 2015 scheme. If you take voluntary early retirement, your pension will be actuarially reduced to reflect that it is being paid before your normal pension age. It will therefore potentially be payable for longer.