Your NHS Pension Choice
Background
Following several years of successful consultation and negotiation by the RCN and other NHS trades unions, the new NHS pension agreement came into force on 1 April 2008.
The RCN is delighted the new arrangements offer the key benefits that RCN members said were important - retention of a final salary scheme and the protection of normal pension age for current scheme members.
There are now two sections to the NHS Pension Scheme. If you were already a member of the NHS Pension Scheme on or before 31 March 2008, you are a member of what is called the 1995 Section (even if you joined before 1995). From 1 April 2008 new staff join the new 2008 section. The two sections are not the same and the RCN believes that the new pension arrangements available to new NHS staff since 1 April 2008 should be offered to members of the 1995 section.
What is NHS Pensions Choice?
Eligible scheme members who are making contributions to the 1995 section will be offered a choice between whether to remain in the 1995 section or transfer and move all past and future benefits to the new 2008 section.
All NHS employees in England and Wales should have received an individual leaflet with their payslip in either May or June 2009 setting out the details of how and when NHS Pensions Choice will be offered. This leaflet can be downloaded from the NHS Pension Division website.
When is NHS Pensions Choice happening?
The time frame for offering NHS Pensions differs between the four UK countries. NHS Pensions Choice will begin on 1 October 2009 in England and Wales. Visit the website of the NHS Pensions administrator for the scheme you are contributing to - the links are set out below.
Where can I get more information on NHS Pensions Choice?
Although NHS Pensions Choice has not yet started there is more information on the Pensions Administrators websites. Different information is available from each website.
For England and Wales up-to-date information can be accessed from the NHS Business Services Authority NHS Pension website.
It includes:
- Your NHS Pensions Choice - information leaflet
- Member Choice FAQs
- Pension Choice timetable
- Your NHS Pensions Choice Guide - describes the important issues you need to consider to make your choice
- NHS Pension Scheme guides - describes the pension benefits available in the 1995 and 2008 section
- Scheme rules and benefits
- Your NHS Pension Choice Statement - sample benefit comparison statement
- Assorted fact-sheets on Your NHS Pension Choice (includes information on added years, earnings cap, ill health, mental health offices, members retiring during the Choice exercise and special class status)
- Calculators to help you see how your benefits change in different circumstances e.g. if you retire earlier or later than anticipated.
Links to NHS Pensions Scheme Administrators and other useful organisations
- NHS Pensions Division in England and Wales
- NHS Pensions Division in England and Wales - Your NHS Pensions Choice
- Scottish Public Pensions Agency
- Scottish Public Pensions Agency - NHS Choice Exercise
- Health and Social Care in Northern Ireland
- Health and Social Care in Northern Ireland - Your Pension Choice
- NHS Employers (England and Wales)
- The Pensions Advisory Service: an independent voluntary organisation that is grant-aided by the Department for Work and Pensions (DWP). It provides information and guidance to members of the public on all pension matters, covering state, company, personal and stakeholder schemes.
- Financial Services Authority (Money made clear): for general information on all financial matters including pensions and retirement savings.