A quarter of a million staff opt out of NHS pension

Zola.

coming 34...

andy001

Malthusian wrote: »

It has happened once in 2010 and will happen once again by 2028. So twice if you include known future legislation.

After 2028 the goalposts will be automatically linked to the State Pension Age goalposts.

There is zero chance that the money will be "forever out of reach". The government wants you to draw your pension so they can tax you on it. Hence pension freedoms. How old are you now?

.... and NHS pension reforms in 2008 and 2015...

Rich2808

Zola. wrote: »

Are there any stats on how often the government have shifted the goal posts for lifting your pension? It is a concern I have that the money could be forever out of reach !

Its very hard for anyone to plan ahead - so many changes particularly to the lifetime allowance. While in theory you can control what you pay in - less so if you have a final/career average defined benefit scheme - controlling what your LTA is is close to impossible. Who can predict stock market growth, retirement date, final salary, inflation etc

These are the changes to the annual allowance:

£215,000 for the tax year 2006–07
£225,000 for the tax year 2007–08
£235,000 for the tax year 2008–09
£245,000 for the tax year 2009–10
£255,000 for the tax year 2010–11 (see the Straddling Pension Input Period in our article Carry forward of unused annual allowance for pension savings)
£50,000 for the tax year 2011–12 to 2013–14 inclusive
£40,000 for the tax year 2014/15
£80,000 for the tax year 2015/16 (with a split pre and post July)
£40,000 for the tax years 2016/17 to date

And to the lifetime allowance:
Tax year Amount
2006/07 £1.50m
2007/08 £1.60m
2008/09 £1.65m
2009/10 £1.75m
2010/11 £1.80m
2011/12 £1.80m
2012/13 & 2013/14 £1.50m
2014/15 & 2015/16 £1.25m
2016/17 & 2017/18 £1.00m
2018/2019 £1.03m

Malthusian

andy001 wrote: »

.... and NHS pension reforms in 2008 and 2015...

No. Money already saved could still be drawn at the same retirement date. That was the result of a negotiation between a public sector organisation and its employees, not a government diktat.

Zola. wrote: »

coming 34...

So if everything stays as planned you'll be able to draw it at age 58 (2042). Personally I would round that up and pretend the minimum access age was going to be 60 in case we get another Pensions Act 2011 type thing. If my retirement plans involved any aspiration to retire between 58 and 60 I would ensure some of the money was in ISAs or other wrappers under my direct control.

andy001

Malthusian wrote: »

No. Money already saved could still be drawn at the same retirement date. That was the result of a negotiation between a public sector organisation and its employees, not a government diktat.

Not true for 2015 scheme though-- it's linked with SPA

justme111

Because it came in 2015 , after the announcement of changes. What was saved ALREADY can be drawn at original dates.

fred246

I know NHS pensions are now linked to SPA but I always wonder how many NHS staff would really have to wait that long. At age 60 with 40 years of service it wouldn't take much money to bridge the gap to SPA. You would have to be on very low pay or be very poor with money not to be able to do it. The retirement lump sum would do it in most scenarios.

[Deleted User]

Is it true that NHS pensions are now administered by Capita?

andy001

Capita is only managing Primary care and dental NHS pension in England IMO..

andy001

Just checked online- NHS reviewing all GP pension data- How would NHS employees plan if unsure what's happening with their contributions?

https://www.gponline.com/nhs-england-launches-review-gp-pension-data-discrepancies-found/article/1492921