If you’re working in the National Health Service (NHS), understanding the complexities of your NHS pension is crucial for planning your retirement. We’ll look at common questions and provide important information to help you make informed decisions about your NHS pension. 

How much do you get in the NHS pension?

There are three different pension schemes in place, but all current NHS employees are in the NHS Pension Scheme 2015. There’s also the NHS Pension Scheme 1995 and the NHS Pension Scheme 2008, but they’re both closed to new entrants. 

If you’re in the NHS Pension Scheme 2015, you’ll earn 1/54th of your pensionable pay each year in your pension. This money is also increased through an annual ‘revaluation’ to help keep up with inflation. 

The exact amount of your NHS pension depends on various factors, such as length of service, earnings and the specific pension scheme you’re enrolled in. The easiest way to find out how much you’ll get from your NHS pension is to request an estimate from the NHS. You should also receive an annual benefit statement that tells you how much your pension is worth.

Do NHS employees get a final salary or career average pension?

The NHS Pension Scheme 2015 is based on career average earnings. This means the pension is calculated using a formula that considers earnings throughout your career and inflation. 

The NHS Pension Scheme 1995 and the NHS Pension Scheme 2008 are final salary arrangements. This means the pension is based on a proportion of your final salary. But these schemes are closed to new entrants.

Do nurses and other NHS employees get a State Pension?

NHS employees, like anyone in the UK who has paid enough National Insurance contributions, qualify to receive the State Pension. You can claim the State Pension even if you have other pensions.

How much do you pay into your NHS pension?

The current contribution rates for the NHS Pension Scheme 2015 are structured based on a tiered system. The amount you pay in will depend on your pensionable income. NHS Employers lists the current NHS Pension contribution rates.

How many years of service do you need for a full NHS pension?

The maximum number of working years that can go towards your NHS pension is 45. You’ll still receive a proportionate pension if you retire before then and have fewer years of service in the NHS.