2015 NHS Pension Scheme - Are You Aware Of The Retirement Flexibility Available To You? A recent Department of Health Report found that only a third of NHS Pension Scheme members who retired between 2008 and 2012 accessed the available flexibilities.
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Retirement Planning Options
- 'Wind Down'; members can opt to work fewer days in their current post rather than retiring completely
- 'Step Down'; members can move into a less demanding or lower graded post whilst being possible to not affect the final salary used to calculate pension
- 'Draw Down'; allows members to take part of their pension benefits whilst continuing in NHS employment (only available 2008, 2015 Schemes)
- Members with a Normal Pension Age higher than 65 can choose to pay additional contributions to remove any early retirement reduction which would have applied when taking their 2015 Scheme earlier than their NPA. This means that members 2008 and 2015 benefits could be taken in full at age 65 regardless of their 2015 NPA.
- There will be a facility to buy 'Additional Pension' in order to increase members' pension benefits to perhaps conincide with a preferred retirement date. The maximum Additional Pension that can be purchased is £6,500 per annum and the minimum is £250. Additional Pension can be saved for by making monthly contributions or by a lump sum.