NHS pension benefits worth thousands from the age of 60 could disappear for 143,632

Changes to how NHS pensions work were rolled out last year, making hundreds of thousands of healthcare staff eligible to benefit from a new pension scheme while they continue working.

Retirement analysts have warned that many older NHS workers are unaware of this change and are missing out on pension benefits worth thousands, with 143,632 people over the age of 60 currently not claiming their full entitlement. This is the earliest age that workers can claim their full pension without facing penalties.

The workers affected by the pension change are doctors, nurses, and other healthcare professionals who began working for the health service more than 30 years ago, and are claiming the "1995 section" of the NHS pension. Until last year, these workers could not claim the new pension scheme - forcing many older staff to take lower pension benefits or leave the workforce entirely.

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Changes in the law last year allowed for those older workers claiming the "1995 section" to continue working and join the new NHS pension, while still retaining their older benefits. It was hoped that this would bring more people back into the healthcare workforce.

But many thousands appear unaware of the change and with no back payments for missed pension benefits, face missing out on essential retirement cash if they do not claim their new pension benefits.

Graham Crossley, NHS pension specialist at Quilter, explains why so many are missing out on essential pension savings. He said: “Prior to April 2022, there had been an argument for some members not to take their 1995 section benefits at normal pension age, as some members were able to continue accruing