Retirement Options

This section describes the main options available to people, given the changes to Pensions and the NHS. These are by no means exhaustive but show the kind of choices you need to be thinking about.

Option 1 – Carry On

For most people, doing nothing when it comes to their NHS pension will be the best choice. Staying an active member of this excellent scheme will usually provide you with the best options for your retirement. However, there is a tangible benefit in an expert giving you the personal ‘all clear’ when it comes to your plans….

To explore this option more complete the enquiry form

Click to expand Option 2 – Take your Benefits

The time may be right for you to leave the NHS and take your accrued pension benefits. There is still a lot for you to consider. Do you take the normal pension and lump sum, give up some pension and take more lump sum. The timing of ‘how and when’ also needs to be decided. Equally what forms do you have to fill in and ‘when and where’ should they be sent?

All of these decisions you make now will have an impact on the rest of your retired life.

To explore this option more complete the enquiry form

Click to expand Option 3 – 24hr Retirement

In some cases, this is a legitimate strategy. It enables you to draw your pension and return to work with certain restrictions and caveats. You could potentially be in receipt of your full NHS pension as well as your normal income. However, you must remember that your contract with your employer finishes and must be re-negotiated before you take this step. Find out if this is what you should do….

Although still traditionally called this, many trusts have now moved to a 2 week retire and return policy. Make sure you check with your trust.

To explore this option more complete the enquiry form

Click to expand Option 4 – Become a Deferred Member

This option is something that needs to be carefully considered. It entails ceasing to accrue future pension benefits by stopping paying in to the scheme. Your accrual is ‘frozen’ but, unlike OPTION 3, you keep working as you were. This may be suitable for members of the scheme who are close to or in excess of certain pension allowances. Once again, this option does involve certain restrictions or limitations that need to be considered….

If you do chose to defer your membership you must be aware that every pension in the Country is subject to the rules of Pension Auto-Enrolment. One of these rules states that if you choose to defer from your pension you will automatically be re-auto-enrolled back in after 3 years.

If this happens to you, you will have to ‘opt-out’ again.

To explore this option more complete the enquiry form