For those who are eligible to continue in the 1995 section of the Scheme or who have previously been a member of this Scheme, there is a Scheme Guide that explains the two different Sections of the 1995/2008 HSC Pension Scheme and the different types of members there are. This will help you understand which section of the Scheme you belong to.
The 1995 section of the Scheme closed to new members with effect from 1 April 2008. If you were an active member of the Scheme on 31 March and 1 April 2008 you may remain in this section of the Scheme.
There are also various factsheets that are relevant only to members of the 1995 Scheme and these can be found within the Scheme Factsheets section. Frequently asked questions for various topics are also available to view under Scheme FAQs.
On 1 April 2015 a new HSC Pension Scheme was introduced. This new Scheme covers all former members of the 1995/2008 Scheme not eligible to continue in that Scheme as well as new HSC employees on or after 1 April 2015.
|Feature or Benefit||HSC Staff (officers) and Practice and Approved Employer Staff (officers)||Practitioners|
|Scheme||1995 Section||1995 Section|
|Member contributions||5% – 14.5% depending on rate of pensionable pay||5% – 14.5% depending on rate of pensionable pay|
|Pension||A pension worth 1/80th of final year’s pensionable per year of membership||A pension based on 1.4% of uprated earnings per year|
|Retirement Lump Sum||3 x Pension. Option to exchange part of pension for more cash up to 25% of Capital Value||3 x Pension. Option to exchange part of pension for more cash up to 25% of Capital Value|
|Normal Pension Age (NPA)||60||60|
|Minimum Pension Age||55 (50 if you joined before 6th April 2006)||55 (50 if you joined before 6th April 2006)|
|Pensionable Pay||Normal Pay and certain regular allowance||Pensionable Earnings from HSC work|
|Uprated Earnings||Not relevant||The final value of pensionable earning after adding all years’ earnings and applying revaluation factors|
|Death in Membership Lump Sum||2 x final years’ pensionable pay (actual pensionable pay for Part-Time workers)||2 x average pensionable earnings|