Partial Retirement (Pension) Flexibilities

Pension Flexibilities

The HSC Pension Scheme has changed as a result of retirement flexibilities (including Partial Retirement) introduced by the Department of Health (DoH) from 01^st April 2024.

Please refer to our factsheets on partial retirement below for further information:

Partial Retirement Factsheet (1995/2008/2015)

Partial Retirement Supplementary Form

HSC Pension Scheme Partial Retirement Calculator (1995/2015 Transitional members only)

Pension Recycling Policy

Apply for Partial Retirement Online

 

 

 

• Death After Partial Retirement

  Guidance for calculating the Death Benefit Lump Sum (DBLS) for partial retirement pensioners who die in pensionable employment

  If after taking partial retirement the member was to die whilst in pensionable employment, their Death Benefit Lump Sum (DBLS) will be calculated differently.

  When calculating the DBLS for members who have retired on partial retirement, we do not look at the benefits that have been drawn down. We instead look at the amount of service left, including any future service up to the member’s date of death, to work out a fraction of the DBLS that becomes payable.

  We are required to calculate the percentage of 2 times the pensionable earnings that are due, in addition to any DBLS that would be payable if the member died within 5 years of taking this type of retirement. This part does not impact the calculation that is required for a benefit statement.

  We have a statutory obligation to provide the value of the DBLS on our benefit statements and need to ensure that we are following the correct guidance when calculating the death in service lump sum. If not, we are at risk of providing a value that is in excess of the amount payable.

  General

  It would be unequitable and unsustainable for the Scheme to pay a full death in service lump sum of 2 times the pensionable earnings for members that have already benefited from a pension and/or lump sum for some of their membership.

  The DBLS calculation for partially retired members is designed to provide an appropriate fraction of 2 times the pensionable earnings from untaken membership.

  In some cases, an additional DBLS may be paid in respect of partial retirement membership where death occurs within 5 years.

  Partial retirement (1995/2008 and 2015) Calculation

  Pension benefits that the member has not claimed as part of partial retirement and any further benefits the member accrues

  Twice the percentage of the pensionable earnings to the date of the estimate calculation. The percentage used will be the percentage of benefits not claimed when taking partial retirement

  This information, as well as examples are available below:

  HSC Pensions Guidance For Calculating DBLS For Partial Retirement Pensioners Who Die In Pensionable Employment