nhs pension , 1995 section

xylophone

More importantly, with the changeover to the CARE scheme from April 2015, what age are you?

http://www.nhsbsa.nhs.uk/Pensions/4019.aspx

justme111

jem16 wrote: »

if you have chosen to stay in the 1995 section, the 2008 section has no relevance to you at all as all your entitlement is under the 1995 section.

More importantly, with the changeover to the CARE scheme from April 2015, what age are you?

I thought so myself. Talked to a colleague though and he was adamant that even though we are in a 1995 section only benefits accrued before 2008 would be paid at the age of 60 , and benefits accrued since 2008 would be aid from the age of 65. So I looked again at the booklet , did not find anything in it thy would confirm what collegue said and asked here. Will look up the last link posted , my phone does not open a new tab now so will do tomorrow at pc. Thanks people , I see you trying to help.

justme111

The last time I spoke on.the phone to someone from nhsba they given me an information on superannuable pay calculation which has later been told to be wrong by area team and independent pension.consultant so I do not have much hope to get the right information on the phone to nhsba .

hyubh

justme111 wrote: »

The last time I spoke on.the phone to someone from nhsba they given me an information on superannuable pay calculation which has later been told to be wrong by area team and independent pension.consultant so I do not have much hope to get the right information on the phone to nhsba .

In what way was it 'wrong', and how did you follow the issue up? After all, it isn't going to be an 'independent pension consultant' who calculates your actual benefits on retirement.

purdyoaten

xylophone wrote: »

http://www.nhsbsa.nhs.uk/Pensions/4019.aspx

Great link - Thank you!

justme111

hyubh wrote: »

In what way was it 'wrong', and how did you follow the issue up? After all, it isn't going to be an 'independent pension consultant' who calculates your actual benefits on retirement.

I did not follow the issue up.
I could not find an office who writes the rules. Nhsba deals with what comes out of this or other wages /pay but not exactly with how it is determined what number should be taken as that pay in case of subcontractors /% splits etc as far as I understand . In any case I did not ask for an advice on that matter .

nicknameless

justme111 wrote: »

I thought so myself. Talked to a colleague though and he was adamant that even though we are in a 1995 section only benefits accrued before 2008 would be paid at the age of 60 , and benefits accrued since 2008 would be aid from the age of 65. So I looked again at the booklet , did not find anything in it thy would confirm what collegue said and asked here. Will look up the last link posted , my phone does not open a new tab now so will do tomorrow at pc. Thanks people , I see you trying to help.

Your colleague is wrong and most likely mistaken because of the title of the 2008 section? If in the pension choice exercise you or anyone else chose to stay in the 1995 section any benefits accrued up until to the change to a CARE scheme in 2015 are payable at 60.

justme111

jem16 wrote: »

More importantly, with the changeover to the CARE scheme from April 2015, what age are you?

wow that information about a changeover hit me like a brick , thats probably what my collegue meant, and I just confused 2008 for 2015.
well all questions about existent 1995 scheme then irrelevant as it will be abolished anyway in a year time.. no doubt with something far better for the treasury.. what a let down - thinking that one is sorted from 60 onwards and then find out that goal posts have moved. ah well..
( i am about 20 years off pension age so dont fit into protected )

justme111

Thats what my collegue meant then - my normal retirement age will be state basic age, instead of 60 its going to be probably in early 70s by then..
well, from 2015 onwards i will try to pay the least into the scheme then..
I wonder how it is going to work with maximum of 40 years of contributions rule. as peaople would reach those 40 years before getting to pension age .

paparossco

"What happens to the pension benefits I have [FONT=Arial,Arial][FONT=Arial,Arial][FONT=Arial,Arial]already accrued in the current scheme? [/FONT][/FONT][/FONT][FONT=Arial,Arial][FONT=Arial,Arial]
[/FONT][/FONT][FONT=Arial Narrow,Arial Narrow][FONT=Arial Narrow,Arial Narrow][FONT=Arial Narrow,Arial Narrow]Whether you move to the new scheme on 1 April 2015 or later, the pension benefits already built up in the 1995 and 2008 sections will be unchanged and calculated on your final pay at or near retirement (known as ‘preserved rights’). [/FONT]
[FONT=Arial Narrow,Arial Narrow]You can retire and claim your preserved rights without reduction for early payment once you reach the normal pension age for the section of the scheme your preserved rights are held in." [/FONT]

[FONT=Arial Narrow,Arial Narrow]From the SPPA site, does this help? You can get what you have accrued in the 1995 scheme, up to 01/04/15, at aged 60 without penalty. Anything accrued after this date will be available when you reach the state retirment age.[/FONT]
[/FONT][/FONT]