The National Health Service Pension Scheme (NHSPS) is a public sector pension scheme and membership can be continued for staff who have participated in the scheme in the preceding 12 months.  The scheme rules preclude the College from offering the scheme to anyone who would be joining the scheme as a new member.  All grades are eligible under the above criteria.
 

Please note that you must complete part 1 of application form SD65 and return it to the Pensions Office as soon as you commence your employment with the College.  The NHS Pensions Agency require you to fill in this form if you wish to continue to be a member of the NHSPS.  If you do not complete form SD65 you will be entered into the appropriate College Scheme and pension deductions will be made accordingly.

If you are an existing NHS Pension Scheme member your current benefits will be based on either:

  • NHS Pension Scheme - 1995 section (Amended April 2008 Terms) for pre April 2008 members who have not opted to transfer to the new 2008 section and do not have Full or Partial Protection. 
  • NHS Pension Scheme - 2008 section (New members with effect from 1 April 2008) for members who opted to transfer to the new scheme or joined the NHS post April 2008 and do not have Full or Partial Protection.
  • New NHS Pension Scheme - 2015 section (New members with effect from 1 April 2015) for members who do not have Full or Partial Protection or joined the NHS post April 2015.  For further details please see the Guide for members.
Members with membership across more than one of the schemes can find further information in the Transitional Factsheet.
 
Your contributions are as follows:

Salary Range

Percentage of contribution

Up to £15,431.99

5.0%

£15,432.00 to £21,387.99

5.6%

£21,388.00 to £26,823.99

7.1%

£26,824.00 to £49,472.99

9.3%

£49,473.00 to £70,630.99

12.5%

£70,631.00 to £111,376.99

13.5%

£111,377.00

14.5%

 

The College currently contributes 14.38% of your pensionable pay to the NHSPS in order to guarantee your benefits.

You may increase your retirement benefits by paying Additional Voluntary Contributions (AVCs), either to purchase additional pension through the NHSPS, or building up a capital fund in a "money purchase" facility or Stakeholder provided by Prudential or Standard Life, or alternatively, in a “Free Standing AVC (FSAVC)” facility with the provider of your choice.

You may also increase your pension by buying additional pension (AP). AP is a flexible way of increasing your Scheme pension. It allows you to choose to buy extra annual pension and see clearly how much the purchase will cost. Under this option you elect to buy a set amount of annual pension for an agreed amount of contributions that you can choose to pay either as a lump sum or as a regular payment for an agreed period of time.

For members of the 2015 scheme who have a State Pensions Age (SPA) of greater than 65 you may also elect to pay a contribution for Early Retirement Reduction Buy Out (ERRBO). This allows you to pay a contributions to buy out the reduction in your pension by one, two or three years to a minimum retirement age of 65. Further information can be found in the ERRBO Factsheet.

Your contributions to the NHSPS qualify for tax relief at your highest marginal rate.  The relief is given at source through the payroll for your NHS contributions and Prudential and Standard Life FSAVCs. Contributions paid to any other Free Standing AVC arrangement are not usually deducted through Payroll, so do not attract tax relief at source. Your provider can tell you more about how you obtain tax relief on these contributions.

Benefits

NHS Pension Scheme - 1995 Section (amended April 2008 terms)

  • A pension of 1/80th pensionable salary for each year of pensionable service
  • A Cash Lump sum of three times the pension.

Please note the tax-free cash at retirement is in addition to pension.

NHS Pension Scheme - Section 2008 (new members with effect from 1 April 2008)

  • A pension of 1/60th of pensionable salary for each year of pensionable service.

Other Benefits:

  • Immediate life-cover - a lump sum equal to two times your pensionable pay together with a pension for your dependants should you die before retirement whilst in employment.
  • An inflation-proofed pension - regular income, plus a fax-free lump sum (members will have to commute pension for a lump sum), when you retire based on your years and salary within the scheme whilst a member.
  • Long-term illness cover (after two years' membership in aggregate) - an inflation-proofed pension for life, and a tax-free lump sum (members will have to commute pension for a lump sum) if you can't go on working because of long-term illness.
  • Job move simplicity - moving from one NHS member institution to another is straight forward.
  • Quality benefits - a public sector scheme recognised as providing generous terms which overall are unlikely to be matched elsewhere.
  • Flexibility - you can, depending on circumstances, start receiving your pension before the scheme's normal retirement of 65.  2008 section members can opt to draw down their benefits pre-retirement.

NHS Pension Scheme - Section 2015 (new members with effect from 1 April 2015)

  • A pension of 1/54th of each year's pensionable earnings revalued by CPI plus 1.5%. 

Other Benefits:

  • Immediate life-cover - a lump sum equal to two times your relevant pensionable pay together with a pension for your dependants should you die before retirement whilst in employment.
  • An inflation-proofed pension - regular income, plus a tax-free lump sum (section 2015 members will have to commute pension for a lump sum), when you retire based on your years and salary within the scheme whilst a member.
  • Long-term illness cover (after two years' membership in aggregate) - an inflation-proofed pension for life, and a tax-free lump sum (section 2015 members will have to commute pension for a lump sum) if you can't go on working because of long-term illness.
  • Job move simplicity - moving from one NHS member institution to another is straight forward.
  • Quality benefits - a public sector scheme recognised as providing generous terms which overall are unlikely to be matched elsewhere.
  • Flexibility - you can, depending on circumstances, start receiving your pension before the scheme's normal retirement of SPA.  2015 section members can opt to draw down their benefits pre-retirement.

 

Please note that nothing stated in this summary can override the Rules of the Scheme.

If you have any queries, please contact the College Pensions' team at pensions@imperial.ac.uk.

NHSPS is administered by the NHS Pensions Agency. Enquiries about the scheme or your benefits should be sent to:

NHS Pensions Agency
Hesketh House
200/220 Broadway
Fleetwood
FY7 8LG

NHSPA website

Useful links: