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NHS Pensions Strategy: 2008 Agreements and Future Implications

Explore the 2008 NHS Pensions Strategy, including contribution increases, retirement age adjustments, benefit reductions, and member protection. Learn about the challenges healthcare workers face in defending their pensions.

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NHS Pensions Strategy: 2008 Agreements and Future Implications

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  1. NHS Pensions Strategy

  2. Agreed in 2008 • A 1995 and 2008 section • Tiered and progressive contribution rates • Employer cap of 14% on contributions • Cost sharing arrangements • No need for change • All savings and revenue from reforms going to HMT to repay national budget deficit

  3. Contribution Increases

  4. Proposed Contribution Increases

  5. Paying More • Increased contributions to 2015 • Average contributions will be 9.8% previously 6.6% • Future employer contribution • Tiered contributions in CARE • Ongoing public sector pay restraint

  6. Working Longer • Current NHS retirement ages 55/60/65 • 2015 Normal Pension Age equal to State Pension Age • State Pension Age set to rise to 68 and beyond • Uniformed services not linked to state pension age

  7. Getting Less • Indexation of NHS Scheme changed from RPI to CPI • CPI lower than RPI • Future predictions of CPI at 1.2% less than RPI • Overall benefits reduced by 15%

  8. CARE Scheme • Accrual rate 1/54th • Revaluation set at CPI plus 1.5% • No automatic lump sum • Lower benefits than final salary for career progression

  9. Protection • Full Protection for members within 10 Years of Normal Pension Age • Tapered Protection for a further 3.5 years • Opting out of protection for 2008 Section members • 25 Year Guarantee

  10. Further Talks • Fair Deal and Access to the NHS scheme • Working Longer Review Group • Contributions • 2nd Choice 1995 Section • Opt outs • NHS Scotland Pension Talks

  11. Defend Your Pension • Working Longer • Higher Contributions • Lower Benefits • All income and savings from reforms going to HMT • Calculate your benefit on the pensions calculator at www.unitetheunion.org/health

  12. Consultative Ballot • Member Ballot closed 19th March • 94% member rejection • NHS Unions Consultation • Public Sector Unions Consultation • Day of Action 10th May

  13. Other Challenges • Pay Freeze • Regional Pay • Agenda for Change • NRRP and On Call • Health and Social Care Act • Cuts and Reorganisation • Employment Rights

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