Retirement
You have a number of options to consider in relation to retirement which are outlined below. To progress a retirement application, you will need to complete the pro-forma which can be found in Appendix 1 of this policy (HR-G4 Retirement Guidance).
If you wish to retire you should inform your line manager at least four months prior to your anticipated retirement date.
If you are engaged purely on the bank, please liaise with the Temporary Staffing team in the first instance.
Flexible retirement options:
| 1995 section | 2008 section | 2015 section | |
| Step down | Y | Y | Y |
| Wind down | Y | Y | Y |
| Retire and return* | Y | Y | Y |
| Draw down | N | Y | Y |
| Late retirement enhancement | N | Y | Y |
| Early retirement reduction buy out | N | N | Y |
*Members of the 1995 section will not be eligible to rejoin the NHS Pension Scheme on their return to employment.
- Step down - the option to step down may support you to remain in work as working at a lower level may feel more achievable and may be more financially advantageous rather than retiring from the organisation completely
- Wind down -you could consider the potential to ‘wind down’ to retirement by remaining in their current post but reducing the number of days or hours you work
- Retire and return - once you have reached the minimum pension age they could apply to retire, claim their pension and then return to NHS employment.
- Draw down or partial retirement - (For 2008 and 2015 sections only)
- Late retirement enhancement - (For 2008 and 2015 sections only)
- Voluntary early retirement
- Options for colleagues who are not in the pension scheme
- Ill health retirement.
NHS Pension Scheme
All NHS employees are eligible for this scheme.
There are three schemes: 1995, 2008 and 2015 scheme. If you joined the Trust after April 2022 you are automatically enrolled onto the 2015 Scheme.
Member contribution: between 5.2%-12.5% plus, employer contribution: 23.7% of your salary.
- Your pension contribution is non-taxable (tax relief)
- Pension payable for life
- Flexible options (e.g. increase your benefits, retire flexibly)
- Life assurance and pension if you are too ill to work
- Government guarantee and cost of living increase
- Benefits for partners and dependant children
FAQs
The employer contribution rate from 1 April 2024 is 23.7 per cent of pensionable pay. This is an increase from the previous rate of 20.6 per cent, in place for the period 1 April 2019 to 31 March 2024. You can read more about the employer contribution rate on our NHS Employer's website.
You may be eligible to join the NHS Pension Scheme if you're between 16 and 75.
If you are eligible when you start work, your employer or Pensions Officer will enrol you as a member of the Scheme.
Pension contributions will come out of your salary (or income). You'll see this on your payslip.
Your employer will email you a copy of the relevant Member Guide to help you understand the Scheme rules.
When you join, you get a membership number, also known as an SD number. Your employer should give you this.
Annual Benefit Statement (ABS). They’re also known as Total Reward Statements (TRS) and can be accessed via Electronic Staff Record (ESR). Find out more about how to estimate your pension.
You can watch this video for information about how to request an estimate of your NHS Pension:
When you're ready to take your NHS Pension, you'll need to apply for it.
The NHS Pension Scheme overview (PDF: 178KB) provides more detail about the different pension schemes you could have pension benefits in.
Read the retirement guide (PDF: 4.68MB) before applying for your pension.
Find out more on NHS Employer's website.
There are a number of ways you can leave or take a break from the scheme. Find out more about leaving or taking a break.
Watch this video for help to understand what you would be giving up if you decide to opt out:
If you have another pension, you can apply to transfer it into the NHS Pension Scheme. Any pension transferred in will be added to your benefits in the NHS Pension Scheme.
Find out more on NHS Employer's website.
Moving within the NHS
If you move from one NHS employer in England and Wales to another, you do not need to apply to transfer.
Your NHS Pension Scheme benefits will automatically link.
If you have another pension, you can apply to transfer it into the NHS Pension Scheme. Any pension transferred in will be added to your benefits in the NHS Pension Scheme.
View the Transfer in guide and application pack (PDF: 1.2MB) and complete the application form or find out more on NHS Employer's website.
Time limits on transfers
There are time limits for you to transfer other pensions into the NHS Pension Scheme.
1995 Section
You must apply to transfer benefits into the 1995 Section:
-
within 12 months of joining for the first time
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before the normal pension age for this Section - age 60
2008 Section
You must apply to transfer benefits into the Scheme:
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within 12 months of becoming eligible to join the Scheme for the first time
-
before the normal pension age for this section - age 65
2015 Scheme
You must apply to transfer benefits into the Scheme:
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within 12 months of becoming eligible to join the Scheme for the first time
-
before the normal pension age for this Scheme - your state pension age or age 65 if higher
For pension queries, please email merseycare