NHS 2008 deferred member yearly estimate question

Reddg

Is anyone around familiar with the 2008 NHS scheme valuations for deferred members?  I was in the scheme only for a few years so it is a small figure, around 3k

The difference in the quoted pension estimate figure that I had at the end of the 2017/18 financial year and the one I just received for the end of the 2022/23 tax year is only 6% in total

I'm confused because I thought this sum would raise in line with CPI but if I put into the BOE inflation calculator difference in £1 from 2018 to March 2023 to get a rough idea of what uplift I'd expect it shows £1.22, so a lot more than 6%.

Wondering if anyone knows what to make of this?

Thank you....

Dazed_and_C0nfused

The increase from April 2022 to April alone was 10.1% for deferred members.

Exactly what information have you received?

Is the 2017-18 amount from the point the pension was deferred?

https://www.bma.org.uk/pay-and-contracts/pensions/additional-pensions-advice/inflationary-increases-to-your-nhs-pension

Reddg

thank you for replying.  Yes I left mid 2017 so the statement I have from late 2018 should be from the point it was deferred.  The statement for year 22/23 I got today. 

spaniel101

Bare in mind Total Reward Statements (TRS) for 1995/2008 are 18 months behind, does this look in the right ballpark ? :-


TRS Aug 2017/18 - dated up to 31.03.18 (uprated afterwards 01.04.18 using Sept 2017 CPI  -  3%)
TRS Aug 2018/19 - dated up to 31.03.19 (uprated afterwards 01.04.19 using Sept 2018 CPI  -  2.4%)
TRS Aug 2019/20 - dated up to 31.03.20 (uprated afterwards 01.04.20 using Sept 2019 CPI  -  1.7%)
TRS Aug 2020/21 - dated up to 31.03.21 (uprated afterwards 01.04.21 using Sept 2020 CPI  -  0.5%)
TRS Aug 2021/22 - dated up to 31.03.22 (uprated afterwards 01.04.22 using Sept 2021 CPI  -  3.1%)

TRS Aug 2022/23 - dated up to 31.03.23 (uprated afterwards 01.04.23 using Sept 2022 CPI  -  10.1% = will show on TRS Aug 2024)

Reddg

spaniel101 said:

Bare in mind Total Reward Statements (TRS) for 1995/2008 are 18 months behind, does this look in the right ballpark ? :-

Thank you! this might explain it, if it is behind the BOE calculator and not including the 10% from March 23

spaniel101

The Public Sector Pensions Increase tables are your reference, not the BOE calculator.

Public service pensions increases - GOV.UK (www.gov.uk)

cmundo

I’m a deferred member since 2020 and my total reward statement doesn’t update with inflation annually now I’m deferred.  I’m told the inflationary uplift will only be calculated when I reach the point where I can claim my pension.  I can estimate the value based on uplift tables but I can’t seem to get a current uprated statement from NHS pensions which confirms current year value.  And I find this SO ANNOYING considering how much I paid in. 

spaniel101

cmundo said:

I’m a deferred member since 2020 and my total reward statement doesn’t update with inflation annually now I’m deferred.  I’m told the inflationary uplift will only be calculated when I reach the point where I can claim my pension.  I can estimate the value based on uplift tables but I can’t seem to get a current uprated statement from NHS pensions which confirms current year value.  And I find this SO ANNOYING considering how much I paid in. 

When you say Deferred, did you leave the NHS Pension schemes entirely, or are you now in the 2015 scheme?

cmundo

spaniel101 said:

cmundo said:

I’m a deferred member since 2020 and my total reward statement doesn’t update with inflation annually now I’m deferred.  I’m told the inflationary uplift will only be calculated when I reach the point where I can claim my pension.  I can estimate the value based on uplift tables but I can’t seem to get a current uprated statement from NHS pensions which confirms current year value.  And I find this SO ANNOYING considering how much I paid in. 

When you say Deferred, did you leave the NHS Pension schemes entirely, or are you now in the 2015 scheme?

I left completely.  I’m deferred in both 1995 and 2015 schemes. 

Bobinyorkshire

Unless you have a simple set up, the TRS is hopeless. I have protected periods from 2011 and 2017 and my TRS is meaningless. You can get an estimate, but there is no breakdown of the calculation and it’s up to you to check it’s correct. Furthermore, you have to wait 40 days for it and it’s only accurate to the last financial year. The only way to get a real time estimate is to apply to retire! Difficult when you need an estimate to make the decision to retire, 

spaniel101

The 1995 and 2015 will receive the Pensions Increase (apportioned) from the date you finished/Deferred.   Annual Pensions Increases do show on a Deferred members Total Reward Statements.   It seems you have been misinformed or at least this has been poorly communicated with you.



Depending on the year you finished, if 2020/2021 (TRS statements August 2021) will only show up to 31.03.21  (prior to the uprating received on 01.04.21).


TRS statement 2021/22, (produced August 2022) dated up to 31.03.22 (includes the (smallish) uprating of previous year, on 01.04.21 - Sept 2020 CPI 0.5% (apportioned).

TRS statement 2022/23 (produced August 2023) dated up to 31.03.23 (includes the uprating of previous year, on  01.04.22 - Sept 2021 CPI 3.1%).  

TRS statement 2023/24 (produced August 2024) dated up to 31.03.24 (will include the uprating of previous year, on 01.04.23 - Sept 2022 CPI 10.1%



NHS pensions can only give you 'factual' information to date (TRS), that which has already happened.   They cannot a) give advice and b) predict what the future years pensions increases will be.

TRS statements are always 18 months behind, this will not change.