Partial retirement vs retire and return

Dental specialist adviser Karen Watson Brown highlights the differences between partial retirement (also known as drawdown) and retire and return.

Partial retirement offers a gradual transition from full-time work to full-time retirement. If you are a member of the NHS Pension Scheme, this option allows you to access some or all of your pension benefits to support a reduction in working hours or responsibility within the NHS.

Retire and return allows you to take your full NHS pension and, after a short break of at least 24 hours, return to work. You can then rejoin the NHS Pension Scheme and continue building your future pension benefits.

Both partial retirement and retire and return offer flexible pathways to transitioning out of full-time work, but the option you choose will ultimately depend on your financial situation, career goals and personal aspirations.

There are advantages and disadvantages to both partial retirement and retire and return. Ultimately, taking flexible retirement is a big decision, which is why talking to someone who fully understands the intricacies of the NHS Pension Scheme, as well as complex income, can help.

Listen to the podcast above to find out more.

Tax treatment depends on your individual circumstances and may be subject to change in the future.

If you need support or guidance on understanding your financial position, speak to a specialist financial adviser at Wesleyan Financial Services for a financial review by visiting wesleyan.co.uk/financial-advice/dentists or call 0808 149 9416.