If you’re a member of the National Health Service (NHS) pension scheme, you can choose to take your pension as a lump sum, an annuity, or a combination of both. You can also take your pension benefits before you retire.
If you want to take your pension as a lump sum, you can do so from the age of 55. You can take up to 25% of your pension pot as a tax-free lump sum. The lump sum will be paid into your personal bank account.
If you want to take your pension as an annuity, you can do so from the age of 60. An annuity is a regular income for life. The amount of income you receive will depend on the size of your pension pot and the annuity rate at the time you retire.
If you’re a deferred member of the NHS pension scheme, you can take your pension benefits from the age of 65. If you’re a retired member, you can take your pension benefits from the age of 60.
If you want to take your pension benefits before you retire, you’ll need to contact the NHS Pension Scheme administrators. They’ll give you an estimate of the pension benefits you could receive if you retire at your current age.