The NHS Pensions Podcast | Episode 2 | Understanding the NHS Pension Sections and Schemes

In this episode, we explain the NHS Pension Sections and Schemes and how benefits are calculated.

Contents:

0:00 - Intro
1:20 - Types of Scheme members
2:14 - overview of Schemes
3:48 - 1995 Section
7:44 - 2008 Section
11:20 - 2015 Scheme
16:30 - Questions about the various Sections and Schemes
21:39 - Outro

Additional Notes:
The explanations of calculations provided apply to officer members only. There are different calculations for practitioner members.
Only those who were not in the Scheme on 1 April 2012 or who first joined the Scheme from 1 April 2015 are in the 2015 Scheme before 1 April 2022. All other members transitioned to the 2015 Scheme from 1 April 2022.

A member of the 1995 Section can also exchange pension for lump sum, this is open to 1995, 2008 and 2015 members with membership on or after 1 April 2008.

Although there is a mandatory lump sum for the 1995 Section (normally three time the pension), members of this section can also choose to exchange pension for a bigger lump sum if eligible.

A member who chose to move to the 2008 Section under the Choice exercise is entitled to a mandatory lump sum based on membership up to 31 March 2008.

Members are also able to claim benefits from the 2015 Scheme and leave the 1995 Section benefits deferred if they wish. They do not need to claim their benefits in order.

Most members in any section or scheme will be required to take a 24-hour break when claiming their pension. The only exceptions are members who have reached maximum pensionable age (age 75) or are claiming partial retirement.

In the 2008 Section and 2015 Scheme members are entitled to a late retirement uplift on their pension if they retire after their normal pension age.

For more information on NHS Pensions: https://www.nhsbsa.nhs.uk/nhs-pensions