I am a qualified N.H.S working as a sister in pain management. I am aged 56, would I take reduced pension sum if I retired today? I am in the 1995 section.
The short answer is that yes you will if you retire before your normal retirement age – which I am assuming is 60 unless you have some form of Special Class dispensation. How the scheme work out your reduced pension is by the scheme applying what is known as an actuarial reduction to the pension you would have received if the date of retirement had been the standard scheme retirement age.
Full details can be found in the NHS Member Scheme Booklet.
But fortunately the NHS pension scheme have made life easier and produced an NHS Pension Calculator which not only shows you what you might get if you retire at your normal retirement age but what you might receive if you retire early.
But before you decide anything discuss your situation with NHS Pensions (on 0845 421 4000) and read this FREE guide Your options at retirement*.
I hope that helps