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You can feel truly at ease knowing that you will receive a paycheck each month. What if you could supplement your pension with a salary as well? That way, you could have the best of both worlds. There are a couple of options available to you.
Yes, you can retire at 55 with an NHS pension if you meet certain conditions.
Eligibility for Early Retirement at 55
To be eligible for early retirement at 55 with an NHS pension, you must meet the following conditions:
- You must have been an active member of the NHS Pension Scheme between 31 March 2000 and 5 April 2006.
- You must have reached the minimum pension age of 55.
If you meet both of these conditions, you can apply for early retirement by contacting NHS Pensions directly.
Early Retirement Pension Reduction
It is important to note that if you retire early, your pension will be reduced. The amount of the reduction will depend on how many years before your normal pension age you retire. For example, if you retire at 55, your pension will be reduced by 10%.
Partial Retirement Option
If you are not yet ready to retire completely, you may want to consider the partial retirement option. This allows you to take a portion of your pension while continuing to work in the NHS. You can choose to take between 20% and 100% of your pension benefits, and you can continue to build your pension benefits in the 2015 Scheme.
Additional Considerations
Here are some additional things to consider if you are thinking about retiring at 55 with an NHS pension:
- Your financial situation. Make sure you have enough savings and other income to support yourself in retirement.
- Your health. You will need to be in good health to be eligible for early retirement.
- Your career goals. If you are still enjoying your work, you may want to consider working for a few more years.
Retiring at 55 with an NHS pension is a possibility for many people. However, it is important to carefully consider all of the factors involved before making a decision.
Frequently Asked Questions
Can I retire at 55 if I joined the NHS Pension Scheme after 5 April 2006?
No, you cannot retire at 55 if you joined the NHS Pension Scheme after 5 April 2006. The minimum pension age for members who joined the scheme after this date is 55.
Can I take a lump sum when I retire?
Yes, you can take a lump sum when you retire. The amount of the lump sum will depend on your pension benefits.
How do I apply for early retirement?
To apply for early retirement, you will need to contact NHS Pensions directly.
Where can I find more information about NHS pensions?
You can find more information about NHS pensions on the NHS Pensions website.
Additional Resources
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This article provides information about retiring at 55 with an NHS pension. It covers the eligibility requirements, the early retirement pension reduction, the partial retirement option, and additional considerations. The article also includes frequently asked questions, additional resources, and keyword optimization.
Retire and re-join the NHS Pension Scheme (from 1 April 202
If you’re not ready to give up your job completely, you can retire, take your full pension, and then, after a brief hiatus, go back to work and re-join the NHS Pension Scheme to continue accruing pension benefits in the future.
This is called retire and re-join. Members of the 2008 Section and 2015 Scheme can already access it.
- You are free to work as many hours as you like and your pension payments (also known as “abatement”) won’t be stopped or reduced if you decide to rejoin the NHS.
- If you are under 75 years old and have 45 years of service in either the 1995 or 2008 section, you may re-join the NHS Pension Scheme.
Those who are thinking about this option should talk to their line manager about the conditions under which they can come back after retirement. It might not be able to return to the same role depending on the situation, which could influence your choice.
When you have partial retirement, you can keep working and collect your pension without having to take a leave of absence. Members of the 2008 Section and the 2015 Scheme can already access it, and as of October 2023, members of the 1995 Section can as well.
- Starting in October of 2023, you will have the option to choose between 2020 and 20100% of your pension benefits without having to quit your current position.
- You can continue building your pension in the 2015 Scheme.
- You will not have to take a leave of absence or change jobs, but you will have to work with your employer to modify your contract or change your hours so that your 2010%%20D%20pensionable pay is reduced by 2010%%20 for the first year (or your 2010%%20pensionable commitment if you are a practitioner).
See how flexible retirement could work for you:
What would it mean for my pension if I took all of my 1995 Section benefits at 55 but carry on working part-time in the NHS until I reach 60?
| Partially retire at 55 taking 100% of 1995 benefits: | £13,348 a year for life | Lump sum of £44,449 |
| Reduce hours by 50% and carry on working in the NHS, without taking a break or changing contract, and continue contributing to the pension scheme until age 60 | ||
| Fully retire at 60 taking 100% of 2015 benefits: | An additional £8,239 a year for life | |
Retire and re-join would function substantially like in the preceding example. The member would have to take a brief leave of absence and return to work under a new contract, which is the only difference. After that, the participant could keep making contributions to the NHS Pension Plan and would accrue benefits under the 2015 Plan.
All flexible working options are subject to agreement with your employer. You can read more about a flexible retirement on the NHS Business Services Authority website.
An extra note on inflation:
Your 2015 Scheme pension is reviewed annually while you are still actively serving to ensure it keeps up with increases in living expenses. 2015 The Consumer Price Index (CPI) is used to review scheme pensions. This shows the evolution of the prices of a typical basket of goods and services over time. An extra 1 5% is added. This guarantees that your pension will outpace inflation.
Your benefits will be reviewed annually to ensure they remain in line with living expenses once you begin receiving your pension; this process is known as the Pensions Increase.
- The individual is aged 55 as at 1 April 2023.
- Up until March 31, 2015, the person was enrolled in the NHS Pension Scheme’s 1995 Section. They joined the 2015 Scheme from 1 April 2015. When members are eventually offered the option to choose between receiving their legacy (1995 or 2008 Section) and 2015 Scheme benefits in retirement for the period of 1 April 2015 to 31 March 2022, the illustrations do not account for the McCloud judgment, if applicable.
- The individual is an “Officer” member. The example does not reflect “Practitioner” benefits.
- The person will receive pension benefits at age 55 after earning £47,672 (Band 7) as their pensionable salary. They decrease their hours by 2050 percent and resume work at a part-time salary of 20C2-2A324,670. Salary increases for 2023/24 are assumed to be 3. 5% and then 2% p. a. thereafter.
- The actuarial factors used to calculate any benefit reductions due to benefits being paid before Normal Pension Age are based on the Scheme’s current actuarial factors as of August 2021.
- The member’s 1995 Section benefits will be lowered to reflect the fact that they are being paid before Normal Pension Age before the age of 60 because they do not have Special Class status or Mental Health Officer status. Benefits recipients who have Mental Health Officer or Special Class status may be eligible to begin receiving payments earlier without having to apply for these reductions. For additional information about Special Class status and Mental Health Officer status, visit the NHS Business Services Authority website.
- Some options that members may be able to exercise are not included in the illustrations; for example, the exchange of a pension for additional cash is not permitted.
- The figures quoted may incorporate a small degree of rounding.
- The examples are all meant to be illustrative and not to represent the specific circumstances of any one person. Visit the NHS Business Services Authority website to find out which pension plan you are a part of.
See below for more detail:
Partial retirement
At age 55, the member desires to receive 100% of their 201995% Section benefits. After deducting any early payment reductions, the member’s possible benefits are:
| Retire at 55 | 1995 Section |
| Service | 28 |
| Pension | £13,348p.a.* |
| Lump sum | £44,449*** |
The participant desires to receive 100% of their 2015 Scheme benefits at age 60. After deducting any early payment reductions, the member’s possible benefits are:
| Retire at 60 | 2015 Scheme |
| Service | 12 |
| Pension | £8,239p.a.** |
| Lump sum | – |
* includes early retirement adjustment of 20% at 55. ** includes early retirement adjustment of 30% at 60. *** includes early retirement adjustment of 11.2% at 55.
To learn more about your options for flexible working, speak with your manager.