NHS pension not enough

Flugelhorn

certainly the 95 was based on whole time equivalent salary and not the annual pay, the amount you pay is also based on the wte salary. You have to make sure they get the wte salary right, I managed to get them to correct mine 

Dazed_and_C0nfused

As I understand it the 1995 scheme uses full time equivalent and 2015 scheme uses actual pensionable earnings.

peter3hg

SJS5 said:

peter3hg said:

What is your contacted hours?
What band are you?

The pension calculation should be based on the whole time equivalent salary, not your pro-rata salary if part time.

I have calculated that my whole time equivalent is £45,747.
They are using the figure of £31,644 to work out my pension which is my actual annual salary year ending March 2021

So does that mean they are incorrect with their current estimate?

So I take it you are a band 8a with less than 5 years at that band?

Their current estimate is incorrect, they should be using the whole time equivalent for the 1995 portion of your pension.


Do you know when you move to the top of the scale at band 8a? It is a sizeable jump in salary so if you got a full year of that in before you retire it would be a jump of about £1,500 a year extra pension.


Another thing to note is that following the McCloud judgement, you will at retirement (or possibly shortly after depending on legislative timescales) be given the choice of being retrospectively put back in to the 1995 pension for the period after your tapered protection ended up to April 2022. This will give you the option of another ~2.5 years service (pro-rated to your working hours) in the 1995 scheme.