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my wife is 56 in an 8a position & has been in the NHS forever.
In short where is best to go for some good NHS pensions advice ?
For a number of complicated reasons she is desperate to make a radical change.
Her current pension is the 90-95 scheme which stops relatively soon.
questions are things like:
1) what if she stops NHS work ASAP ?
2) what if she changes to a 7 job & works for 1-4 years
If she leaves the NHS, then the pension is 'frozen' in it's current state - i.e. x number of years, and she can then draw on it when she reaches pensionable age. If she's been in the scheme a long time, she could possibly take it earlier - speak to the pensions team.
If she changes role, then it will affect the value, but this is where you need advice. Our Local Govt scheme works on Average 'salary' so changing roles (i.e. wage) won't make much difference towards the 'end' of the pension, but if it's still tied into 'final' salary it might - but I think there are few schemes like this any more.
Her own pension's team can advise.
I found the trusts's HR to be useful - not for the advice they hgave but because they pointed me in the direction of who to speak to. SPPA in Scotland
but if it’s still tied into ‘final’ salary it might – but I think there are few schemes like this any more.
Think the 90-95 scheme should still be final salary, I've got a few years in that then the rest is in the newer average salary scheme. Not sure which is better but we used to have a lot of people in OR near their 60's working their arses off 12 hrs a day, 7 days a week to bump it up as much as possible.
The "1995 section" pension scheme is a final salary scheme, giving 50% of final salary plus a 3 x pension lump sum - if you have completed 40 years' service. It is based on the best of the last 3 years' salary.
The "2008 section" and 2015 versions are worse, with the latter being a compulsory career-average scheme. These newer schemes can be drawn from ages 65 and State Pension Age respectively - and all three schemes have been subject to a doubling of employee pension contributions since 2010, for what was already a self-funding system. But I digress...! It sounds like your wife has a 1995 version.
NHS Pensions will also be able to help your wife, with estimates of different scenarios. This could include estimates for drawing a pension now (members are eligible from age 50 within the 1995 section, albeit with a reduction of 50% benefits).
It’s a real task to learn to navigate the NHS pension scheme but there’s plenty of info on the websites above. She can get some info from her Totalrewards statement on ESR or www.totalrewardsstatement.nhs.uk or her pension department will give her a quote. NHS pensions told me they charge £70 for a statement recently. If she works in mental health and on the 1995 scheme then she may have MHO status which is gold dust as each of her pension years double after 20 years service so you can retire on full pension at 55 and she definitely needs to get independent financial advice before leaving.
thanks all for your help as always.
Lots of reading and some complicated scenarios to compare & contrast.
I may be back.