AP
Additional Pension – an extra amount of 2015 Scheme future pension income that you (or your employer) can buy by paying extra contributions (monthly or as a one-off lump sum), read more here
September 24, 2024
Archives: Glossary Terms
Approved Employer Staff
People who work for an employer connected to the NHS where it’s agreed they can (continue to) contribute to the NHS Pension Scheme
September 19, 2024
ARER
Actuarially-Reduced Early Retirement – when you retire (claim your pension) early, before the Scheme’s Normal Pension Age, except Ill Health Retirement, you must be over the Scheme’s Minimum Pension Age, also known as Early Retirement
September 24, 2024
Auto Enrolment
Enrolment means joining the Pension SchemeAuto Enrolment means everyone joins the Pension Scheme unless they choose to not join (opt-out) or aren’t eligible to join, and will be auto enrolled every 3 years so have to choose to opt-out every 3 years
September 17, 2024
AVCs
Additional Voluntary Contributions – outside of the 2015 Scheme, extra contributions that you can choose to pay to increase your future pension income, invested in the stock market (not guaranteed inflation-proof income)
September 24, 2024
Capital Value
The value HMRC calculate for your guaranteed, inflation-proof future pension income and any lump sum in the NHS Pension Scheme – calculated by multiplying the pension payable by 20 and adding any lump sumUsed when calculating any extra tax charge from the Capital Value increasing over the Annual Allowance tax-free
September 17, 2024
Capitalised/Capitalisation Costs
The cost to buy-out the early retirement reduction of your pension if you’re made redundant – you can use your redundancy pay to do this More information on our Capitalised Costs and Factors page
June 30, 2026
CARE Scheme
Career Average Revalued Earnings Scheme – the type of pension scheme that builds future pension income by adding an amount of your pensionable pay each year and revaluing your pension income so far for inflation (and the Active Member Bonus of 1.5% if you’re contributing to the 2015 Scheme) –
September 24, 2024
Career Average Revalued Earnings
The type of pension scheme that builds future pension income by adding an amount of your pensionable pay each year and revaluing your pension income so far for inflation (and the Active Member Bonus of 1.5% if you’re contributing to the 2015 Scheme), also known by its initials, CARE –
September 17, 2024
Child’s dependant pension
A pension income paid for an eligible dependant child or children after you die
September 17, 2024