Withdrawal Of Pension

[bobbie22]

I have an NHS pension. Last week I enquired about withdrawing it. Apparently, this is not possible with this pension. Is this correct? My apologies for not using the proper financial words. Any advice or info would be appreciated. Thank you.

[Peter Pedant]

// If it's the same as other civil-service type pensions, your partner may receive half its income after your death if you die first. //

No it is not identical to other civil service pensions - the rules for spouses are different to civil partners and different to partners ( whom I am not sure get anything on the old pension )

Civil partners for example only get a half-pension based on conts from 1980. I joined the scheme 1976.

Killing off a spouse and then remarrying a second whilst you are drawing a pension is governed by different rules

[Old_Geezer]

Strictly speaking you paid not for it, but for the pensions previous generations were drawing at the time, and the right to draw when your turn came. But I reckon all these divisions in the public kitty are just virtual ones anyway. Accountant rules/sleight of hand. Tissue paper walls that can be ignored if desired by those running the show. We're all paying in and funding those entitled etc..

[bhg481]

That's why I put the "may" in Peter. I seem to remember you used to have to specify who would benefit when you expired. It's all a long time ago for me and such things as civil partnerships were not in existence. It takes a long time for the Civil Service to catch up with such changes.

[bobbie22]

Thanks everyone. It's a lot clearer now. When I paid in, it covered the pensions for people already retired. My pension now is being paid by the present NHS workers. Is that correct? There is no pension pot as such? So I can forget about it. I was going to ask my son to ring the pension company for me because I truly did not understand all this. Your answers were most helpful.

[Peter Pedant]

// Thanks everyone. It's a lot clearer now. When I paid in, it covered the pensions for people already retired. My pension now is being paid by the present NHS workers. Is that correct? //

absolutely correct

Your son can ring - but the new draw down rules havent been set down ( see FurryPC ) so he will be told you cant at present

Liabilities of a pension are now calculated as follows: ( see Old Geezer ) - what would be the total cost if everyone drew their pension, what ever their age, NOW ?
( excuse me, is that right ? No scheme ever has everyone vesting on the same day and no further conts )
and the answer is .... £ 163 bn.

that is why everyone runs around screaming " wer wer all our taxes are going to the NHS retirees ! and that is not fair " egged on by the govt I have to say - whereas they are in fact benefitting by £2 bn in this current financial year.