NHS Pension Scheme
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The NHS Pension Scheme is a large pension scheme for people who work for the English and Welsh National Health Service. It is administered by the NHS Pensions Agency, which is now a Special Health Authority at arm's length from the Department of Health.
The main benefits of the scheme are:
- A retirement pension based on 1/80th of your pay at retirement for each year of scheme membership
- A tax-free lump sum on retirement equal to three times the annual pension amount
- Life assurance of 2 years pay whilst working
- Other benefits include allowances for family upon death and various ill health benefits
The benefits are index linked and guaranteed.They are based on final salary and years of membership of the scheme.There are no administration costs.Members can increase their contributions if they wish to get larger benefits.
The NHS pension scheme in Scotland is administered by the Scottish Public Pension Agency. [1]
[edit] External links
- Pensions Agency for England and Wales
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