Doctors / GPs

NHS pension basics


Simon Misiewicz

2nd January 2019

There are several questions that have been asked about NHS pensions. These are as follows:

When can I retire from the NHS?

Can I transfer my NHS pension

What is the value of my NHS pension?

What happens to my NHS pension when I die?

When can you retire from the NHS?

You can restore at the young age of 55 compared to the normal retirement age of 65. However any MHS doctors/locums thinking of doing this must consider the fact that they will get a reduction in pensionable earnings. This is because the NHS need to cover the extra cost of 10 years early retirement.

Getting updates on your pension

For many NHS GP doctors and locums they are unaware what their pension values are. This is remedied by logging into the Total Reward Statement (TRS), Click Here.

The TRS will provide personalised information about the value of your employment package and include details about your remuneration and the benefits provided locally by your employer.

For members of the NHS Pension Scheme TRS may also include an annual pension benefit statement.

TRS are usually updated each August. Not all GPs are able to access TRS, if this is the case

you can request an estimate from NHS Pensions, free of charge once each year.

Transferring NHS pensions to SIPPs/SSAS for property in vesting

It is possible to transfer your pension you may be able to transfer your pension rights to a new pension provider. This is provided that the scheme being transferred to is registered with HM Revenue and Customs (HMRC) and able to accept a transfer payment from the NHS Pension Scheme

What happens to your NHS pension benefits when you die?

As the NHS Pensions – Survivors guide, Click Here, suggests that a lump sum on death benefit may be paid if a member dies within five years of retirement. The amount payable depends on the total amount of retirement benefits they have received from the Scheme up to the date of death.

The lump death benefit will be paid to the legal spouse, registered civil partner or nominated qualifying partner. This is unless the member has nominated someone else on the lump sum on death benefit nomination form (DB2).

Following a recent court case, non-married co-habitees may be entitled to receive benefits

even where the nomination form has not been completed. However, it is much safer to get the DB2  forms completed.

Pension benefits are payable to:

  • a spouse
  • registered civil partner
  • nominated qualifying partner
  • dependent child or children from the date of the member’s death.

The amount of dependant’s pension payable depends on the deceased member’s length of pensionable membership.

Other useful articles 

Are you happy with your NHS Pension Scheme? – Click Here to read

What changes to pension tax rules affect GPs? – Click Here to read

What are the changes to the NHS pension scheme since 1998/2015 and April 2015 – Click Here to read

Download our tax guide for doctors, locums and GPs

How can we help you next?

Book a call to discuss our accountancy services for doctors, locums and GPs – Click the Consultation button at the top / bottom of this page

Book a tax call with one of our tax specialists for doctors, GPs and locums using the code “Art25” to get 25% discount

Book a call to see how we can help you.