The ERRBO is a facility within the 2015 NHS Pension Scheme to enable doctors to buy-out the reduction that would have applied if benefits were taken before Normal Pension Age.
Under the new 2015 NHS Pension Scheme, doctors' Normal Pension Age (NPA) will be linked with their State Pension Age (SPA). In this Scheme only, the option exists to pay additional contributions to buy-out the reduction that would have applied if you retired before your new NPA. This will be known as an 'ERRBO Agreement'.
The agreement can be for 1, 2 or 3 years before your NPA but can be no earlier than the age of 65.
The rate of your additional contributions depends upon your age when you take out the agreement and the number of years you with to reduce by.
In order for an ERRBO Agreement to be effective for the next tax year (2015-16) doctors must apply within 3 months of the start of the year - i.e by 30th June 2015.
If you would like more information on the ERRBO Agreement or feel like you would like a complimentary initial discussion on the options available within the 2015 NHS Pension Scheme, then get in touch on firstname.lastname@example.org or telephone 0117 966 5699.