Pension growth is also known as the pension input amount.
It’s determined by calculating the opening and closing values of your NHS Pensions benefits in the pension input period. This is the same as the tax year, 6 April to 5 April.
The opening value is the value of your NHS benefits at the day before the start of the pension input period.
This is increased by the change in Consumer Prices Index (CPI) from the previous September.
It's calculated using the formula:
Annual Pension × 16 + (lump sum for 1995 Section only) + CPI%.
The closing value is the value of your NHS benefits at the last day of the pension input period.
It’s calculated using the formula:
Annual Pension × 16 + (lump sum for 1995 Section only).
To calculate the pension input amount, the formula used is:
Closing value - opening value = pension input amount.
If the pension input amount is more than the Annual Allowance, the excess amount may be subject to an Annual Allowance charge.
If you want to estimate your pension growth, use your pension benefits in your last 2 Total Reward Statements (TRS).
Read more information about Annual Allowance on our website.
Stopped paying into your NHS Pension
You could have a pension input amount if either:
- you were an active member but retired and took your NHS pension benefits in the same pension input period
- you were an active member and opted out part way through the year
- you were an active member and left NHS employment
- your NHS pension benefits are revised
If you’ve not paid into your pension for the whole pension input period, your pension input amount will be 0.