NHS Pension - Ill Health Retirement Explained
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6 ماه پیش
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NHS Pension - Ill Health
NHS Pension - Ill Health Retirement Explained
Ill Health Retirement is an aspect of the NHS Pension Scheme designed to allow members to retire and receive pension benefits before reaching their normal retirement age if their health prevents them from continuing to work.
The Normal Pension Age is the earliest age you can access your NHS pension without penalty and this age differs depending on the type of NHS Pension Scheme you are enrolled in.
In the 1995 Scheme, your Normal Pension Age is 60, 2008 is 65 and the 2015 Scheme follows the State Pension Age, which depending on when you are born is between 66 and 68.
So the Ill Heath Retirement aspect of the NHS Pension is to offer access to your Pension before your Normal Pension Age, to those whose physical and/or mental health conditions significantly impact their ability to work in the healthcare centre.
There are typically two types of Ill Health Retirement within the NHS Pension Scheme, you have Tier 1 and Tier 2. And the tier you receive will be decided by Medical Advisors during your assessment.
a. Tier 1 - Is for individuals who have health conditions that prevent them from doing their current NHS role, due to permanent ill health.
b. Then you have Tier 2, and this is for individuals who also meet the criteria of Tier 1 but they are also unable to carry out any regular employment outside of the NHS due to their ill health.
So those are the two tiers for Ill Health Retirement. But there is also something called Serious Ill Heath and this is for cases when your ill health is terminal and your life expectancy is less than a year.
Chapter Information (NHS Pension - Ill Health Retirement Explained):
0:00 Introduction
0:23 What is Ill Health Retirement
1:11 Eligibility Criteria
2:24 Type of Ill Health Retirement
3:04 Pension Impact
5:42 Things to Consider
🔹 NHSBSA - Ill Health Retirement Guide: https://www.nhsbsa.nhs.uk/sites/defau...
🔹NHSBS - Ill Health Retirement FAQs: https://www.nhsbsa.nhs.uk/sites/defau...
🔹AW240 Form: https://www.nhsbsa.nhs.uk/sites/defau...
🔹AW33E Form: https://www.nhsbsa.nhs.uk/sites/defau...
DISCLAIMER: Any advice or statements perceived to be advice given in this video and any other videos on my channel are for information purposes only, and does not act as financial advice.
You are fully responsible for your financial decisions. If you are in need of any Financial Advice, please seek out a professional advisor. If you are unsure of how to do this, please feel free to reach out to me and I am more than happy to guide you.
#NHS #ILLHEALTH #NHSPension
Ill Health Retirement is an aspect of the NHS Pension Scheme designed to allow members to retire and receive pension benefits before reaching their normal retirement age if their health prevents them from continuing to work.
The Normal Pension Age is the earliest age you can access your NHS pension without penalty and this age differs depending on the type of NHS Pension Scheme you are enrolled in.
In the 1995 Scheme, your Normal Pension Age is 60, 2008 is 65 and the 2015 Scheme follows the State Pension Age, which depending on when you are born is between 66 and 68.
So the Ill Heath Retirement aspect of the NHS Pension is to offer access to your Pension before your Normal Pension Age, to those whose physical and/or mental health conditions significantly impact their ability to work in the healthcare centre.
There are typically two types of Ill Health Retirement within the NHS Pension Scheme, you have Tier 1 and Tier 2. And the tier you receive will be decided by Medical Advisors during your assessment.
a. Tier 1 - Is for individuals who have health conditions that prevent them from doing their current NHS role, due to permanent ill health.
b. Then you have Tier 2, and this is for individuals who also meet the criteria of Tier 1 but they are also unable to carry out any regular employment outside of the NHS due to their ill health.
So those are the two tiers for Ill Health Retirement. But there is also something called Serious Ill Heath and this is for cases when your ill health is terminal and your life expectancy is less than a year.
Chapter Information (NHS Pension - Ill Health Retirement Explained):
0:00 Introduction
0:23 What is Ill Health Retirement
1:11 Eligibility Criteria
2:24 Type of Ill Health Retirement
3:04 Pension Impact
5:42 Things to Consider
🔹 NHSBSA - Ill Health Retirement Guide: https://www.nhsbsa.nhs.uk/sites/defau...
🔹NHSBS - Ill Health Retirement FAQs: https://www.nhsbsa.nhs.uk/sites/defau...
🔹AW240 Form: https://www.nhsbsa.nhs.uk/sites/defau...
🔹AW33E Form: https://www.nhsbsa.nhs.uk/sites/defau...
DISCLAIMER: Any advice or statements perceived to be advice given in this video and any other videos on my channel are for information purposes only, and does not act as financial advice.
You are fully responsible for your financial decisions. If you are in need of any Financial Advice, please seek out a professional advisor. If you are unsure of how to do this, please feel free to reach out to me and I am more than happy to guide you.
#NHS #ILLHEALTH #NHSPension
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