NHS Pension Scheme
The NHS pension scheme is set up for those who work in the NHS. When you start working in the NHS you will be automatically enrolled in the NHS pension scheme, but you can choose to opt out if you want to. The NHS pension scheme is run by the NHS Business Services Authority.
NHS pension scheme sections:
There are currently two 'sections' of the NHS pension, the 1995 section and the 2008 section. If you joined your NHS pension scheme before April 2008 you are likely to be a part of the 1995 section of the NHS pension scheme. If you joined your NHS pension scheme after April 2008 you will be a part of the 2008 section of the NHS pension scheme. If you are a part of the 1995 section you will have the option to switch to the 2008 section.
How do the two sections differ?
The main differences between the two sections are that if you're a part of the 1995 NHS pension scheme your normal retirement age will stand at 60, and if you are a part of the 2008 section the normal retirement age will be 65. The pay which your final pension is based on is also different according to which section you are a part of, which one suits you best will depend on your own individual circumstrances.
NHS pension scheme benefits:
In both sections of the NHS scheme you are likely to enjoy certain benefits, potentially including, but not limited to:
- A pension figure based on salary and the length of time you have been a member of your pension scheme.
- Life insurance of twice your yearly pay.
- A survivors pension for your married partner, civil partner, or other long term partner.
The benefits of your NHS pension scheme will vary according to the type of work you undertake.
If you are looking for an alternative pension scheme, or if you are looking to convert your NHS pension into an income for retirement, speak to a member of an independent pension advice team and receive impartial advice and a free initial consultation.
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