If you have some savings in your NHS pension and you are leaving NHS job or opting out from NHS Pension scheme before your pension age, the pension you will earn on this pension savings is called Deferred NHS Pension. All the 1995, 2008 and 2015 schemes are eligible for deferred NHS Pension.
Know more about Deferred NHS Pension
Growth of Deferred Pension
Your deferred NHS Pension will grow with inflation. Money deposited in NHS pension in each year is revalued by CPI (Consumer prices Index).
Note – If you are actively contributing to NHS Pension, your pension will be revalued each year with CPI + 1.5%.
How do NHS Pension Pots work?
Each year, you save some money in your NHS Pension. This is then revalued with CPI (consumer price index) + 1.5%. This total money per year can be called Pension pot or your slice of pension based on that pensionable year.
Your accrued pension slices or pension pots accumulated each year will be uplifted annually according to CPI each year until you are able to claim it.
What happens once you leave NHS or stops contributing?
- Your pension gets preserved
- It continues to grow with inflation ie with regard to Consumer Prices Index
- You can claim at your schemes normal pension age, ie
For 2015 scheme – State pension age (currently 68 years)
2008 scheme – 65 years
1995 scheme – 60 years
Key Points to Remember
Your deferred pension always grows with inflation (CPI).
This applies to all scheme sections.
2015 Scheme deferred pensions grow by CPI only (no extra active-member revaluation).
These increases are applied automatically.
Indexation continues every year until you claim your pension.
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