Help with NHS redundancy/pension

highlights

I am a 61 year old NHS manager, who could be made redundant next year ie 2011/12.
I have been working for NHS since 1976 and have been in the NHS pension scheme continuously since then.
My questions are:-
How would my pension be affected if I was made redundant in the next financial year?
I am aware of some changes coming into force shortly with regards to my pension and that I could have to make a decision on which scheme ie 1995 scheme or the new scheme would be better for me?
I would appreciate any information you can provide for me, I am also concerned about the changes the Government are planning and worried that they could affect my planned pension considerably – after October this year, when they are intending to announce their changes. Would they be able to make any changes to my pension, given how close to retirement age I am?
Many thanks for your help (It is such a worry, not only for me, but there must be a lot of people out there in the same position as me!)

McKneff

Could you edit your post and put the font back to the normal mode, it is very difficult to read especially as its so small and also in a colour.

newleaf

My understanding is that, as things stand at the moment, if you are over 50 and made redundant you get early retirement with no penalty on your pension.
However, we all hold our breath and await further announcements. You are absolutely correct, there are a lot of very worried people around at the moment. I wouldn't put anything past this Govt.
Edit to add, Re Pension 'Choice', at your age I would say you would be better off staying in the 1995 section. Moving to the new section is only going to be beneficial to those younger people who will be continuing to work for long enough to accrue better benefits.
If you are in a Union or Professional Organisation, they should be able to advise you.

nimbo

i also work for the NHS - i THINK that the old scheme is better for most people, as there are better early retirement options in there. noone in my office signed up for the new when they had the talk... i didn't go to the first as i am only 27, and the spaces were limited, so i figured that people a bit closer to retiring would need to hear it sooner than i... we have more talks scheduled, but we probably won't be here by then...

the new scheme that they are trying to sell you has a bigger buy out clause for the bonus of retiring early....

you should be able to speak to your Personnel department - but i would consider it very carefully before even thinking about signing the paperwork for the new scheme as i think it's only good for the givernment.

i hope that you are well, and good luck. where i am we're all getting 'at risk' letters today or tomorrow, which will make for a nice weekend i'm sure.

getmore4less

I would get reading up on the details of the pension and redundancy options even if you don't get made redundant understanding the pension is important.

IIRC they removed the double dip(enhanced pension and redundancy) so you trade off the redundancy payment to buy the enhancement for early retirement.

The NHS pension/redundancy stuff is relatively simple once you find the correct information that relates to you.

The Pension and HR people I have met don't always understand the details so thats why it is imortant to check out your particular situation in detail before makng choices where they exist.

your local trust may have some of this on line, I know some do have it.

Ewarwoowar2

If you can't understand the pension rules, have a word with the help desk at the NHS Pension agency:

http://www.nhsbsa.nhs.uk/pensions

They are usually quite busy so if you call them up and 'befriend' a helper you get much better service.