2015 NHS Pension Scheme - Important Information For Those Entitled To Full Or Tapered Protection.
For members of the 1995 and 2008 Sections who, as at 1st April 2012, had 10 years or less to go before their Normal Pension Age will have full protection enabling them to continue with their existing Section until retirement.
For members between 10 years and 13 years 5 months to go before their Normal Pension Age at 1st April 2012, will receive tapered protection which means their move to the 2015 Scheme will be delayed.
1995 Section Members
- You will not be able to retire, take your 1995 pension benefits, and then re-join the 2015 pension scheme
- ALL members who have 10 years or less until their Normal Pension Age receive Full Protection and will NOT be joining the 2015 pension scheme
- For members who take a break from pensionable employment for longer than 5 years before 60 will LOSE the protection above and will come back and join the 2015 pension scheme
- Members who have between 10 and 13 years 5 months from their Normal Pension Age will receive tapered protection - for every month of age that they are beyond 10 years of their current NPA, they lose 2 months of protection. At the end of the protected period they will move from the 1995 Section to the 2015 Scheme. Contact us if you are unsure about your individual situation.
- For Special Class members with a Normal Pension Age of 55 then slightly different rules apply. Those members aged 45 or over, but under 50, on 1st April 2012 will be entitled to full protection as long as they continue to qualify for Special Class status. Members aged 50 and over on 1st April 2012 are entitled to full protection regardless of Special Class status.
- Members aged over 41 years and 7 months but not yet 45 years old on 1st April 2012 will be entitled to tapered protection as long as they qualify for Special Class status.
2008 Section Members
- The same Full and Taper Protection rules apply as for Section 1995 members except of course the Normal Pension Age is 65. Please contact us if you are unsure.
Option To Forgo Protection
- Members of the 2008 Section will be allowed, for a limited time only, to forgo any protection and join the 2015 Scheme. Most financial modellers suggest this is may be advantageous to such members.
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