How do I work out the capital value of my pension for Lifetime Allowance purposes?
- 1995 Section: For NHS Pension Scheme the capital value = Annual pension x 20 + lump sum.
- 2008 Section: For NHS Pension Scheme the capital value = Annual pension x 20 + any commuted lump sum (if you choose to have a lump sum).
How do I check my NHS pension online?
Go to the self service login page:
- Enter the requested log in information.
- Once on the ‘Oracle Applications Home Page’ access the ‘XXX Employee Self Service’ link.
- Access the ‘Total Reward Statements’ link.
- You’ll then see your statement.
When can I access my NHS pension?
The 1995 section has a normal pension age of 60. This means that at age 60 doctors can draw their pension and lump sum benefits at an unreduced rate. In the 2008 section the normal pension age is 65. In the 2015 scheme pension age is linked to an individual’s state pension age, or age 65 if that is later.
When can I take my 2008 NHS pension?
The minimum pension age in the 2008 Section is 55. You can choose to take voluntary early retirement from the minimum retirement age and receive reduced benefits.
Do you get a lump sum with NHS pension?
Yes, every scheme member is entitled to a tax free lump sum from their NHS Pension.
What are the different NHS pension schemes?
There are two NHS Pension Schemes, the 1995/2008 Scheme and the 2015 Scheme. The 1995/2008 scheme is closed to new entrants, however some members retain the right to membership of this scheme. The 1995/2008 Scheme is divided into two sections; the 1995 section, and the 2008 section. Both sections are governed by regulations laid down by parliament.
How can I get a quick estimate of my NHS pension benefits?
To get a quick estimate of the benefits your NHS pension scheme will provide on any retirement date selected by you, just download our handy calculator.
What is the NHS pension commutation calculator?
The pension commutation calculatorshows, for members of the NHS Pension Scheme (Amended April 2008) only, what they will receive if they choose to give up (or ‘commute’) some of their pension in return for a larger lump sum on retirement.
How is the 2008 section pension calculated?
How your 2008 Section pension is worked out Your annual pension is equal to one-sixtieth of your reckonable pay (see below) for each year and part year of Scheme membership. The calculation is as follows: × reckonable pay × years of membership*. 60
