Archives: Glossary Terms

The enhanced level (more than Statutory Redundancy) of compensation for redundancy based on continuous NHS employment as Reckonable Service unless you’ve already had a pay-out (e.g. MARS) or claimed your pension (including Partial Retirement or Retire and Return) for some of that service

The amount you pay to the Pension Scheme to be a member and build up future pension income, based upon your pensionable pay: the more you earn, the higher the percentage of pensionable pay for your contribution to add 1/54 of your pensionable pay to your 2015 Future Pension Income

The future pension income of someone who isn’t paying contributions to the NHS Pension Scheme – they may have left the NHS or have stayed in the NHS but left (opted-out) of the Pension Scheme – which is uprated for inflation (the Public Sector Pensions Increase) each year

In the NHS Pension Scheme, for a dependant to receive a pension income after you die they must be *a spouse, civil partner or nominated qualifying partner, or *dependant child

Days which are unpaid and don’t count as pensionable service, like unpaid sick leave, unauthorised absence, or strike action – you don’t add any future pension income for disallowed days

A way to pay extra to “buy out” the reduction if 2015 Scheme future pension income is claimed before Normal Pension Age (NPA) but no earlier than age 65, also known by its initials, ERRBO Costs increase with age and each contract lasts one scheme year, from 1 April to

Early Retirement Reduction Buy Out – a way to pay extra to “buy out” the reduction if 2015 Scheme future pension income is claimed before Normal Pension Age (NPA) but no earlier than age 65 Costs increase with age and each contract lasts one scheme year, from 1 April to