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Document What are the opening and closing values in the NHS Pension Scheme?

The opening and closing values are the figures used to determine the amount of pension growth (the pension input amount) for a given pension input period within the 1995/2008 Scheme and the 2015 Scheme.
 
The opening value refers to the value of your NHS pension benefits calculated up to the day before the start of the pension input period.
 
The closing value refers to the value of your NHS pension benefits calculated up to the last day of the pension input period.
 
For both the opening and closing values your pension is multiplied by a flat factor of 16, as determined by HMRC. If you are a member of the 1995 Section of the 1995/2008 Scheme, this is then added to your retirement lump sum.
 
The value of pension benefits at the beginning of the pension input period are indexed to reflect their current value at the end of the pension input period.
 
The pension input amount is the difference between the opening and the closing values.
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opening values, closing values

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