NHS pension scheme – update

Some members of the NHS pension scheme have the choice of whether or not to change their pension arrangements

If you are a member of the NHS pension scheme and are in the 2008 section with full or tapered protection, you should recently have received a letter from your employer asking whether you want to opt out of this protection and join the 2015 scheme instead, with effect from the 1 April 2015.

This is a one-off opportunity relating to your service from April 2015 only. It covers approximately 44,000 members.

You may receive more pension on your retirement by opting out of this protection and joining the 2015 scheme.

This is because the 2015 scheme has a better pension build up rate (ie 1/54th compared to your current 1/60th) and each year’s pension earned in the 2015 scheme increases each year by increases in the Consumer Prices Index (CPI), plus 1.5%.

This rate of increase is likely to be higher than your pay growth for at least the foreseeable future.

You are advised to read your letter very carefully and to make use of the information and comparison tool on the NHS Pensions website.

If you wish to transfer to the 2015 scheme you need to complete the form you have received to this effect and return it to NHS Pensions in the envelope provided, no later than Wednesday 30 September 2015.