NHS Pensions and applying for retirement

Introduction

If you’re aiming to retire in the next five years, now is an ideal time to start planning. In this guide, we share the things you should consider when approaching retirement, including some key dates to factor into your retirement planning.

Applying for your NHS Pension

If you’re part of the NHS Pension Scheme or you’re in NHS employment, you should ideally let your employer know you want to retire four to six months before your retirement date. We recommend giving yourself a little extra time to account for any strain on the pension services or any impact from the complexities of McCloud.

Once you’ve got in touch, NHS Pensions will then send you a retirement application form. You’ll need to fill out the retiree section and your employer will do the rest. They’ll then send it back to NHS Pension on your behalf.

If you’re a GP partner, this will look a little different. You’ll need to request the form directly from NHS Pensions and fill out both the employer and retiree sections.

It’s worth noting there are different forms for different regions. In England, there are two forms. The AW8 for active members and the AW8P for deferred members who have left NHS employment. If you’re in Northern Ireland or Scotland, it’s important to check the NHS website for the right information and timelines for your area.

Accessing your retirement income

When you can access your NHS Pension will depend on which part of the scheme you’re in – this will either be 60, 65 or the state pension age. You may also be able to sacrifice some of your benefits and retire from as early as 55. For more information, you may want to read our guide on the NHS Pension Scheme.

As well as an NHS pension, you may have some other funds to support your later years. For example, a personal pension. Looking at your pension pots in tandem allows you to see how you can best utilise them. There’s not just a cash value to consider, but any benefits as part of the scheme.

Additionally, you may have savings or investments. You’ll need to think about when you can access these. For example, your money may be locked in a fixed-term ISA, or it may not be a profitable time to sell any investment shares.

You should also consider your outgoings in retirement. Will you still have any final mortgage payments to factor in? Perhaps you have dependents, such as children or grandchildren? And of course there are the fun things to budget for, world cruise perhaps?

Your retirement timeline

When?	What?
Five years before	Review your retirement plans and understand your NHS Pension benefits by speaking to your Specialist Financial Adviser.
Four to six months before	Let your employer (or NHS Pensions) know you wish to retire and fill out the application form.
Three months before	Your employer must fill out their section of the application form if they haven’t already.
A few months before	Keep an eye out for a letter from NHS Pensions confirming your pension benefits.
Within 30 days of your retirement date	NHS Pensions will aim to pay your pension and lump sum within this time.

Step onto the road to retirement

Looking for guidance with your NHS Pension? Perhaps you want advice on making the most of your retirement income? We have a team of Specialist Financial Advisers that work exclusively with medical professionals, bringing experience and in-depth knowledge of your profession to every meeting.

No matter where you on the road to retirement, your Specialist Financial Adviser can help you get one step closer to achieving the retirement you deserve. Advice charges may apply.

Alternatively, you may want to read our retirement planning guide for medics that includes information around your retirement options, state pension entitlement and more.