Pension query

[JapanRed]

Hi all,

Just 2 generic questions if I may?

Background info - age 35, married with 2 kids. Have worked in NHS since age 21 with 14yrs pensions contributions into this pot. No other pension apart from state pension.

1) What age can I take my NHS and govt pensions without paying a tax bill or financial penalty?

2) If I died before retirement age (or before taking my pensions), what would happen to the pensions?

Thanks in advance.

[5pen]

1 - In general, you cannot access funds held within a pension until you are 55 (under current legislation).

2- This will be scheme specific, so you'll need to ask the administrator. My guess would be that if it is a defined benefit scheme there would be some sort of dependents' pension payable.

[sawman]

Check out the website : https://www.nhsbsa.nhs.uk/nhs-pensions

Should tell you all you need to know. Generally you need to be 55 to take nhs pension. Unless you have some special status(depends a bit on which section of the pension you are in) You can check where you are up to with TRS statement

[JapanRed]

Thanks both

[oop north]

Depends what you mean by financial penalty - if you retire before your Normal Pension Age (which is your state pension age) under the 2015 nhs pension scheme then It will be actuarially reduced. Do that at age 55 and the reduction will be a v large percentage! But receivable for more years

[JapanRed]

oop north said:

Depends what you mean by financial penalty - if you retire before your Normal Pension Age (which is your state pension age) under the 2015 nhs pension scheme then It will be actuarially reduced. Do that at age 55 and the reduction will be a v large percentage! But receivable for more years

Thanks. My state pension age will be 67-68ish but I want to retire (maybe semi retire) at 55. I’m Just trying to work out how much money I need in rental properties to tie me over until I am 67.