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.
Pension growth is also known as the pension input amount.
Calculating the opening value of your pension
The opening value is the value of your NHS benefits on 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 as annual pension multiplied by 16 plus the lump sum for 1995 Section only plus CPI%.
Calculating the closing value of your pension
The closing value is the value of your NHS benefits on the last day of the pension input period for the tax-year.
It’s calculated as annual pension multiplied by 16 plus lump sum for 1995 Section only.
Calculating your pension input amount
It's calculated as closing value minus opening value.
If the pension input amount is more than the AA, the excess amount may be subject to an AA charge.
Checking your pension input amount
If you want to estimate your pension input, use your pension benefits in your last 2 Total Reward Statements (TRS).
If you’ve stopped paying into your NHS Pension
You could have a pension input amount if:
- 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 zero.