The NHS Pension Scheme offers a number flexible options when it comes to when you retire, how you retire and the nature of your work leading up to retirement.
There are the following options within the NHS Pension Scheme (depending upon which Section you are in) allowing for a more flexible retirement. If you require any more information then please get in touch on firstname.lastname@example.org or 0117 966 5699. The key is to plan EARLY. Be aware of the many flexible options available to you well in advance of any planned retirement date. Also, by planning early with your employer (for example with succession planning, recruitment) then all of these options can be used to help your department continue delivering an excellent service whilst you get a life/work balance as you approach your retirement.
This option gives you the flexibility to remain in your current post - but just work fewer days or sessions.
This option is for doctors wishing to take on a less demanding, less stressful post with less responsibility - yet continue to work full-time and still use their skills and experience.
'24 Hour Retirement'
This is so-called because it is an available option for doctors who have reached their minimum pension age and wish to 'retire' (must be for 24 hours), take their pension benefits, and then return to NHS employment.
For those doctors in the 2008 Section and the 2015 NHS Pension Scheme the option is available to take some of your NHS pension benefits yet continue in NHS employment.
Late Retirement Enhancement
For doctors in the 2008 Section and 2015 NHS Pension Scheme, if you retire later than your Normal Pension Age, the option is there to take an enhanced pension if you have decided to defer your pension to a later date. This late retirement factor recognises that you have taken your pension late and should be due a higher pension for that reason.
Early Retirement Reduced Buy-Out
For doctors in the 2015 NHS Pension Scheme, the opportunity is available to pay additional contributions into the NHS Pension Scheme in order to reduce or completely eliminate any actuarial reduction factor for taking your pension before your Normal Pension Age. Please note you can only eliminate any actuarial reduction by up to 3 years and not to effectively bring your Normal Pension Age to below 65.
If you are thinking about using flexible retirement options to help you retire with a great work/life balance - then get in touch on email@example.com or telephone 0117 966 5699.