Doctors in the 2015 NHS Pension Scheme can take the benefits from their pension between the ages of 55 and 75. There are different conditions as those between the ages of 55 and their state pension age may have benefits paid at a reduced rate. At 75 any unclaimed benefits must be taken.
When you take the benefits, you will be able to take up to 25% of the total pension as a tax free lump sum. If the lump sum offered is under 25% you may be able to increase it by £12 for every £1 of annual pension income giving up.
For those wishing to take early retirement; they must be at least 55, have been members of the Scheme for at least 2 years, and have ceased all NHS employment for at least 24 hours.
If you retire due to redundancy, then your pension benefits may be paid immediately. For this you must be at least 55, with 2 years membership of the Scheme and two years continuous employment, and a contract entitling you to clain the redundancy pension.
If you have chosen to defer your pension, then it will be paid to you when you reach the state pension age.
Once claimed the NHS pension will be paid for the rest of your life, and the amount you receive will be protected against inflation.