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NHS Pension Scheme

Understand the NHS Pension Scheme changes from 2008, proposed contribution increases, factors impacting retirement age, and protection levels. Learn about potential impacts on benefits and explore the options for defending your pension. Get involved in the consultation process and make an informed decision about the reform proposals. Take action to protect your financial future.

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NHS Pension Scheme

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  1. NHS Pension Scheme

  2. Agreed in 2008 • A 1995 and 2008 section • NHS Choice exercise • Tiered and progressive contribution rates • Employer cap of 14% on contributions • Cost sharing arrangements between employers and employees

  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% • Joint Union Legal Appeal

  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 Retirement Age • Tapered Protection for a further 3.5 years • Paying More Getting Less • Benefit of protection for 2008 Section members? • 25 Year Guarantee

  10. Further Discussions • Fair Deal and Access to the NHS scheme • Working Longer Review Group • Contributions • 2nd Choice • Opt outs

  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 • Ballot opens 1st March • Ballot closes 19th March • Union Consultation • Member support and participation • Reject the Pension Reform Proposals • Day of Action 28th March

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