HSC Pension Service administers two pension schemes, the HSC Pension Scheme and the HSC Pension Scheme 2015.
This section of the website provides information for Practitioners, Locums and Non-GP Providers
- Flexibilities Value Earnings Credit (FVEC) -1995/2008 Members with Tapered or No Protection
- Practitioner Pension Benefits and Flexibilities -1995/2008 Members with Protection
|Feature or Benefit
(HSC Medical and Ophthalmic Practitiones)
|All HSC Workers and Approved Employer Staff for information only|
Tiered Contribution Rates
|Type of Scheme||Earnings Accrual. The final value of pensionable earnings after adding all years’ earnings and applying revaluation factors.||Earnings Accrual. The final value of pensionable earnings after adding all years’ earnings and applying revaluation factors.
|Career Average Re-valued Earnings based on a proportion of pensionable earnings in each year of membership.|
|Pension||A pension based on 1.4% of total up-rated earnings.||A pension based on 1.87% of total up-rated earnings.||A pension worth 1/54th of each years’ pensionable earnings, re-valued at the beginning of each following scheme year in line with the Consumer Price Index plus 1.5% whilst in active membership.|
|Retirement Lump Sum||3 x pension. Option to exchange part of pension for more cash up to 25% of capital value.||Option to exchange pension for a lump sum, up to 25% of capital value. Certain members may have a compulsory amount of lump sum.||Option to exchange part of pension for a lump sum up to 25% of capital value.|
|Normal Pension Age||60||65||Equal to an individuals’ State Pension age.|
|Minimum Pension Age||Age 50 if joined pre 06/04/2006 and not had a break of 5 years or more, otherwise Age 55.||Age 55||Age 55|
|Actuarially Reduced Early Retirement||Yes||Yes||Yes|
|Late Retirement||No late retirement factors applied.||Late retirement factors applied to pension earned before Age 65||Late retirement factors applied to all pension earned until retirement.|
|Pensionable Re-employment following payment of pension||Only available to eligible members who retire from active membership following ill health retirement who re-join prior to age 50.||Yes if eligible||Yes if eligible|
|Ill Health Tier 1||Accrued benefits paid without reduction||Accrued benefits paid without reduction||Accrued pension paid without reduction|
|Ill Health Tier 2||Tier 1 plus an enhancement of 2/3rds of prospective membership to NPA||Tier 1 plus an enhancement of 2/3rds of prospective membership to NPA||Tier 1 plus an enhancement of 1/2 of prospective pension to NPA|
|Increasing your Pension||Purchase of Additional Pension in units of £250||Purchase of Additional Pension in units of £250||Purchase of Additional Pension in units of £250|
If you require an estimate of pension benefits and you have previous or current officer service, please contact us and your payroll department to request an estimate. Tell your payroll department that you have practitioner service so that they can process the request for you.
If you require an estimate for Individual Protection 2014 please complete form GP IP2014.
If you require an estimate for Individual Protection 2016 please complete form GP IP2016.
If you are applying for scheme benefits please complete form .
All forms are available under Scheme Forms.
Our schedule of charges can be viewed by clicking on the link below: