How does NHS phased retirement work?

This option allows members to take part of their pension benefits whilst continuing in NHS employment. If members are over the minimum retirement age 55 and their pay is reduced by a minimum of 10% they can partially retire and take some pension benefits. Members can draw down benefits twice before retiring completely.

Can you draw down NHS pension?

Subject to overall limits, members can draw down a minimum of 20% and up to a maximum of 80% of their pension entitlement earned to date, whilst continuing to build up further pension entitlement.

Can I retire from the NHS and return to work?

You must terminate your NHS employment in accordance with your employment contract or partnership agreement and you must not work in the NHS during the first 24 hours of your retirement. You can return to work after a break of 24 hours and there is no restriction on the number of hours you can work.

How much notice do I have to give to retire from the NHS?

2.8 Employees should bear in mind that NHS Pensions require up to 4 months notice of any request for payment of pension benefits. 2.9 Flexible retirement requests will be considered in line with the procedure set out in the Other Leave policy.

Can I take my NHS pension without retiring?

You can choose to take voluntary early retirement from the minimum retirement age and receive reduced benefits. Your pension is reduced to allow for the fact that it is being paid earlier than expected.

Can I draw down my 1995 NHS pension?

Because the NHS pension drawdown is not available to 1995 section members, some have chosen to change their pension to a more recent section to allow them to withdraw funds early, and this could be an option worth considering, depending on your needs and circumstances.

Can I retire at 55 with NHS pension?

The minimum pension age in the 2015 Scheme is 55. You can choose to take voluntary early retirement from the minimum retirement age and receive reduced benefits. Your pension is reduced to allow for the fact that it is being paid earlier than expected.

Do NHS workers get full state pension?

Will I still get a State Pension? The NHS Pension Scheme is completely separate from the State Pension arrangements and any other pension schemes you may have. This means you will normally get a separate basic State Pension as well as your NHS pension.

Is NHS pension final salary?

The 1995 and 2008 Sections of the NHS Pension Scheme pay a final salary pension. The 2015 Section pays an income based on your career average earnings, which is less generous than the final salary scheme.

Can I take my NHS Pension at 55 and still work?

You may be able to retire early and take your pension benefits if you’ve been, both: a member for a minimum 2 years’ too ill to work in your present job.