I understand that in 2009/10 existing members of the NHS Pension Scheme (NHSPS) will have the opportunity to join the new NHSPS which has a normal retirement age of 65. One advantage of the new NHSPS would be a pension based on 1.87 per cent of my career average revalued earnings (CARE), rather than 1.4 per cent under the old scheme.
So far I have had no notification from NHS Pensions about this option. If it is still going ahead, what is the actuarial reduction that would apply to members joining the new scheme and taking early retirement at, say, age 60?
Examples of the reductions that would apply for leaving both NHS Pension schemes before normal retirement date (NRD) are provided on page 25 of the NHS Pension Scheme Guide which is available at www.nhsbsa.nhs.uk
Originally, the window of opportunity for members of the NHS scheme (see the '1995' section of the guide) to join the new scheme (2008 section) was expected to open on 1 July 2009 and close on 30 June 2010.
However, in April consultations were still taking place and further information is expected this month.
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