ABSTRACT
The Graduated Retirement Pension Scheme was an earnings-related scheme lasting from 1961 to 1975. For most people retiring from the NHS, their main source of income in retirement will be their NHS pension. There should also be some investment income from the lump sum if this is invested at retirement, and there may be additional pension from a personal pension plan. The State basic pension is index linked: it is increased each year in line with the retail prices index. People who are divorced may be able to use some of the national insurance credits of a former spouse to increase the amount of State basic pension payable. The government has announced that State pension ages are to be equalized by raising the age for women from 60 to 65. This change will be phased in between the years 2010 and 2020.
