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
For pension queries, please email merseycare