1. What is the NHS Scotland 2015 Pension Scheme?

The NHS Scotland 2015 Pension Scheme is a career average revalued earnings (CARE) scheme that provides retirement benefits for NHS staff in Scotland. It calculates pension as 1/54th of pensionable earnings each year.

2. How Does the Calculator Work?

The calculator uses the NHS Scotland 2015 pension formula:

Where:

• \( Pension \) — Annual pension amount (GBP)
• \( PE \) — Pensionable earnings each year (GBP)
• \( \frac{1}{54} \) — Accrual rate (1/54th of earnings)
• \( \sum \) — Sum over all years of service

Explanation: Each year, you earn 1/54th of your pensionable earnings as pension. These amounts are summed over your career to give your total annual pension.

3. Importance of Pension Calculation

Details: Accurate pension calculation helps NHS Scotland staff plan for retirement, understand their benefits, and make informed decisions about their career and retirement timing.

4. Using the Calculator

Tips: Enter your annual pensionable earnings in GBP and the number of years you plan to contribute. The calculator will show both your annual pension accrual and total pension over the specified period.

5. Frequently Asked Questions (FAQ)

Q1: What counts as pensionable earnings?
A: Pensionable earnings typically include basic salary plus any regular additional payments, but exclude one-off payments and some allowances.

Q2: How is the pension paid?
A: The pension is paid annually for life from your retirement age, with annual increases in line with inflation.

Q3: Can I take my pension early?
A: Early retirement is possible but may involve actuarial reduction. Normal pension age is linked to your state pension age.

Q4: What happens if I work part-time?
A: Part-time staff receive pension benefits proportional to their working hours compared to full-time equivalent.

Q5: Are there contribution rates?
A: Yes, contribution rates are tiered based on your pensionable earnings, ranging from 5% to 14.5%.