Get a better work/life balance

You may find your priorities changing as you get closer to retirement. If you’re still really enjoying your job and would love to find a way to carry on using your experience and skills, there may be a way you can reduce the number of hours or change the role you do without retiring just yet.

The example below is of a member with Special Class Status.


What would it mean for my pension if I changed my hours or role for the final year before I retire?

Retire at 55: £18,451 a year for life Lump sum of £46,765

Moving to part time hours

Retire at 56: £19,236 a year for life: That’s £785 more per year than retiring at 55 Lump sum of £47,700: That’s £935 more than retiring at 55

Moving to a lower band role

Retire at 56: £19,010 a year for life: That’s £559 more per year than retiring at 55 Lump sum of £46,765

Example assumptions

  • The member was protected from moving to the 2015 scheme on 1 April 2015 and so remained in the 1995 scheme beyond this date. If they continue working beyond 1 April 2022, all benefits built up from this date will be in the 2015 scheme.
  • Individual is a Special Class status member who reached age 55 after 31 March 2022, so did not have full protection from moving into the 2015 Scheme.
  • Individual does not have Mental Health Officer Status.
  • Individual has a pensionable salary of £44,503 (Band 7).
  • The illustrations are based on the current actuarial factors in force in the Scheme (August 2021 – here).
  • The illustrations do not allow for the uptake of certain options that members may be able to exercise, for example, they do not allow for the exchange of additional pension for cash.
  • Salary increases after the 2021 award (3%) are assumed to be 2% p.a.
  • Figures quoted may incorporate a small degree of rounding.
  • All of the examples are illustrative only and are not designed to represent the particular circumstances of any one individual. Check your Special Class status, or your Mental Health Officer Status.
  • Find out which pension scheme you are a member of.

See below for more detail

Retire at 55 1995 Section 2015 Scheme Total
Service 28 6 34
Pension £15,588 p.a. £2,863 p.a.* £18,451 p.a.
Lump sum £46,765

With a reduction of hours of 50% for the final year:

Retire at 56 1995 Section 2015 Scheme Total
Service 28 6.5 34.5
Pension £15,900 p.a. £3,336 p.a.* £19,236 p.a.
Lump sum £47,700

With a salary reduction of 30% for the final year:

Retire at 56 1995 Section 2015 Scheme Total
Service 28 7 35
Pension £15,588 p.a. £3,422 p.a.* £19,010 p.a.
Lump sum £46,765

*includes early retirement adjustment of 43.7% at 55 and 41.3% at 56.

Current members of the 1995 Section may be subject to membership time limits so may not be able to continue contributing to their pension if they choose to return following retirement.

Talk to your manager to find out more about your flexible working options.

See your personal pension details on your Total Reward Statement

Looking for more flexible working options?