Confused about how the NHS Pension 2015 Works

bigjl

Something about this OP doesn't ring true.

And I wouldn't be worried about this scheme being more expensive for the NHBSA than the 1995 Section or later 2008 Section as the Government never actually gives you more with these changes.

They tried to get staff to change from the 1995 Section for ages, it was voluntary and nobody thatvInknow of switched.

This new scheme has no option, everybody is being moved to it without a choice.

Lessons learned from 2008?

The 1995 Section was a 40/80 scheme, the 2008 was a 40/60 scheme (if I remember correctly) and now this is a 1/54th scheme!

What they didn't mention in detail is that there was no automatic tax free lump sum with the 2008 Section.

So when they talked about the monthly pension being higher they were more than a little disengnenious.

And he Government as made sure he NHS Pension has not gone up this year, or to be more accurate mine went up by 1 penny per month.

Mainly due to the Government changing the index that they use to calculate the increase.

hyubh

bigjl wrote: »

Something about this OP doesn't ring true.

Something about posting to an old thread at ten to three in the morning doesn't ring true ;-)

This new scheme has no option, everybody is being moved to it without a choice.

Wrong, those within 10 years of their NPA on 1 April 2012 were not compelled to move out, and there were (are) tapered protections beyond that.

Lessons learned from 2008?

More water under the bridge - the NRAs of the pre-2008 NHS scheme could be sharply lower. Also, other public sector schemes (in particular the LGPS) have always moved everyone over when they changed.

The 1995 Section was a 40/80 scheme, the 2008 was a 40/60 scheme (if I remember correctly) and now this is a 1/54th scheme!

FS with a 3/80 lump sum vs. FS with no standard lump sum vs. CARE - simply looking at the accrual rates isn't comparing like with like.

What they didn't mention in detail is that there was no automatic tax free lump sum with the 2008 Section.

Erm, I'm pretty sure the literature did report this. Any evidence to the contrary?

And he Government as made sure he NHS Pension has not gone up this year, or to be more accurate mine went up by 1 penny per month.

How did it go up? Pensions Increase for public sector pensions and the additional state pension was zero because CPI for the previous September was negative. 'And the Government has made sure' is silly quasi-conspiracy talk - the index linking is against CPI, full stop.

Mainly due to the Government changing the index that they use to calculate the increase.

The change from RPI to CPI was done a few years ago now. You realise your uncapped increases are above the statutory minimum, right, and that many private sector FS pensions only do the latter...?

justme111

Abolishment of automatic lump sum must have been published somewhere... Deeply buried in some small print document amongst 100+ pages. I have not seen it in any key facts info sheets and it is pretty big change to be omitted so casually.

hyubh

justme111 wrote: »

Abolishment of automatic lump sum must have been published somewhere... Deeply buried in some small print document amongst 100+ pages. I have not seen it in any key facts info sheets and it is pretty big change to be omitted so casually.

Absolute rubbish. Example 'You NHS Pension Choice' literature from a 30 second web search:

http://www.nhsbsa.nhs.uk/Documents/Pensions/Member_FAQs_V9-Aug11.pdf

http://www.nhsbsa.nhs.uk/Documents/Pensions/090612_NHSB_statement.pdf

BobQ

justme111 wrote: »

Abolishment of automatic lump sum must have been published somewhere... Deeply buried in some small print document amongst 100+ pages. I have not seen it in any key facts info sheets and it is pretty big change to be omitted so casually.

I have no connection with the NHS past or present and I knew. So you must be very unobservant.:D

justme111

hyubh wrote: »

Absolute rubbish. Example 'You NHS Pension Choice' literature from a 30 second web search:

http://www.nhsbsa.nhs.uk/Documents/Pensions/Member_FAQs_V9-Aug11.pdf

http://www.nhsbsa.nhs.uk/Documents/Pensions/090612_NHSB_statement.pdf

I shall borrow your language. What an absolute rubbish. Those links are for choice between 1995 and 2008 schemes , not about lump sums in 2015 scheme.
Bob, it may be that I am attentive , you are super attentive and information is not brought to member's attention.