In this learning zone we will look at ways in which Bristol's doctors can increase their NHS Pension 2015 benefits.
There are a number of options as follows:
Buying Additional Pension
This is a flexible option where you can buy additional NHS Pension income. You can do so through a lump sum contribution or by through a regular monthly saving. The minimum additional pension you can buy is £250 and the maximum is £6,500.
Once in payment, the additional pension is index linked to protect it from inflation. You can also choose if the additional pension is for you, or for your survivng dependants.
Money Purchase Additional Voluntary Contributions (MPAVC)
You can make additional contributions to a seperate pension outside of the 2015 NHS Pension Scheme in a scheme run by chosen providers on the NHSs behalf. These contributions are used to supplement your main Scheme benefits.
Early Retirement Reduction Buy Out (ERRBO)
If you plan to take your pension benefits before the schemes normal pension age, you would be hit by a reduction in your annual pension. With the Early Retirement Reduction Buy Out, you have the option to pay extra contributions to buy out this reduction.