Feature or Benefit
|
Practitioners
(HSC Medical and Ophthalmic Practitioners)
|
All HSC Workers and Approved Employer Staff for information only
|
| Scheme |
1995 |
2008 |
2015 |
| Member Contributions |
Tiered Contribution Rates
|
| Type of Scheme |
Earnings Accrual. The final value of pensionable earnings after adding all years’ earnings and applying revaluation factors. |
Earnings Accrual. The final value of pensionable earnings after adding all years’ earnings and applying revaluation factors.
|
Career Average Re-valued Earnings based on a proportion of pensionable earnings in each year of membership. |
| Pension |
A pension based on 1.4% of total up-rated earnings. |
A pension based on 1.87% of total up-rated earnings. |
A pension worth 1/54th of each years’ pensionable earnings, re-valued at the beginning of each following scheme year in line with the Consumer Price Index plus 1.5% whilst in active membership. |
| Retirement Lump Sum |
3 x pension. Option to exchange part of pension for more cash up to 25% of capital value. |
Option to exchange pension for a lump sum, up to 25% of capital value. Certain members may have a compulsory amount of lump sum. |
Option to exchange part of pension for a lump sum up to 25% of capital value. |
| Normal Pension Age |
60 |
65 |
Equal to an individuals’ State Pension age. |
| Maximum Age |
75 |
75 |
75 |
|
Maximum Membership |
45 years |
45 years |
No limit |
| Minimum Pension Age |
Age 50 if joined pre 06/04/2006 and not had a break of 5 years or more, otherwise Age 55. |
Age 55 |
Age 55 |
| Actuarially Reduced Early Retirement |
Yes |
Yes |
Yes |
| Late Retirement |
No late retirement factors applied. |
Late retirement factors applied to pension earned before Age 65 |
Late retirement factors applied to all pension earned until retirement. |
| Pensionable Re-employment following payment of pension |
Only available to eligible members who retire from active membership following ill health retirement who re-join prior to age 50. |
Yes if eligible |
Yes if eligible |
| Partial Retirement |
No |
Yes |
Yes |
| Ill Health Tier 1 |
Accrued benefits paid without reduction |
Accrued benefits paid without reduction |
Accrued pension paid without reduction |
| Ill Health Tier 2 |
Tier 1 plus an enhancement of 2/3rds of prospective membership to NPA |
Tier 1 plus an enhancement of 2/3rds of prospective membership to NPA |
Tier 1 plus an enhancement of 1/2 of prospective pension to NPA |
| Increasing your Pension |
Purchase of Additional Pension in units of £250 |
Purchase of Additional Pension in units of £250 |
Purchase of Additional Pension in units of £250 |
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