Errbo

Pocket9s

Hi - looking for some opinions re the NHS ERRBO agreement

Had one since being moved to the 2015 scheme 3 years ago. Paying for a 3 year reduction from 68 to 65

Getting concerned following the recent firefighters and judges age discrimination cases. Seems there is a possibility the government will be forced to move a lot of staff back to their previous 1995/2008 scheme.

In this instance it’s not clear what would happen to the ERRBO. Would payments be refunded or just lost? Considering cancelling and refunding this years contributions, but if nothing changes would rather keep it. Hate having to keep trying to second guess what’s going to happen!

hyubh

Pocket9s wrote: »

In this instance it’s not clear what would happen to the ERRBO. Would payments be refunded or just lost?

Given the government are still appealing the original determination, no one can say, but it's an interesting question...

peter3hg

I’m in a similar situation.
The logical answer would be that they continue to honour the existing ERRBO on the old schemes (so 57 or 62 with no reduction for post 2015 years), but when does logic ever come in to government decisions.
I think it is highly unlikely that payments would just be lost, so I’m going to remain in the scheme until it is clearer.

hyubh

peter3hg wrote: »

The logical answer would be that they continue to honour the existing ERRBO on the old schemes (so 57 or 62 with no reduction for post 2015 years).

Erm, think about the poor private sector taxpayer with a crappy DC pension helping to pay for this largess - like, ahem, me ;-)

Pocket9s

peter3hg wrote: »

I’m in a similar situation.
The logical answer would be that they continue to honour the existing ERRBO on the old schemes (so 57 or 62 with no reduction for post 2015 years), but when does logic ever come in to government decisions.
I think it is highly unlikely that payments would just be lost, so I’m going to remain in the scheme until it is clearer.

Can’t see this happening as the value in the 1995/2008 would be much greater. You never know i suppose!
Had a letter today- the actuary has revalued the ERRBO - cost is increasing about 20% more each month, think this means I’ll likely bin it and invest the saving in a personal pension