NHS Deferred Pension Question

1813

Hello
When an NHS pension is deferred, what happens to the individual ‘pots’ you have accrued yearly as I can’t find a specific answer to this question? I worked for the NHS for almost six years. 

Many thanks for your help. 

R

JoeCrystal

There are no pots; it is just a promise to pay you an index-linked pension.

So, how much index-linked pension have you accrued? Do you know which schemes you belong to?

Flugelhorn

Deferred pension  gets increased  by CPI

Dazed_and_C0nfused

JoeCrystal said:

There are no pots; it is just a promise to pay you an index-linked pension.

So, how much index-linked pension have you accrued? Do you know which schemes you belong to?

Somewhat confusingly the NHS refer to each years CARE accrual as a "pot" 🙄

There is an example here,

https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.nhsbsa.nhs.uk/sites/default/files/2017-05/2015%20Members%20Guide%20(V7)%2005.2017.pdf&ved=2ahUKEwjC2fOSgdyIAxWuW0EAHQQ7Mf8QFnoECBgQBg&usg=AOvVaw00TXxgQ9YnAbX78-iLPBlw

Sarahspangles

Dazed_and_C0nfused said:

Somewhat confusingly the NHS refer to each years CARE accrual as a "pot" 🙄

I’ve had to point this out before - a lot of the videos and click through slide decks on NHS sites include graphics of pots. Someone decided it was a good way to explain CARE schemes. So saying there are no pots just confuses NHS staff. I also remember a ‘pots’ graphic when CARE a was rolled out in LGPS land.

Flugelhorn

they certainly do use the description - part of my pension was the practitioners 1995 scheme which was not final salary but described as a pot from which you got 1.4% a year, with previous years being protected - unlike the final salary officers pension which could vary withyour final wte salary

1813

JoeCrystal said:

There are no pots; it is just a promise to pay you an index-linked pension.

So, how much index-linked pension have you accrued? Do you know which schemes you belong to?

I am a member of the 2015 scheme I have accrued £2067.

1813

Dazed_and_C0nfused said:

JoeCrystal said:

There are no pots; it is just a promise to pay you an index-linked pension.

So, how much index-linked pension have you accrued? Do you know which schemes you belong to?

Somewhat confusingly the NHS refer to each years CARE accrual as a "pot" 🙄

There is an example here,

https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.nhsbsa.nhs.uk/sites/default/files/2017-05/2015%20Members%20Guide%20(V7)%2005.2017.pdf&ved=2ahUKEwjC2fOSgdyIAxWuW0EAHQQ7Mf8QFnoECBgQBg&usg=AOvVaw00TXxgQ9YnAbX78-iLPBlw

That’s what confused me as well seeing the TRS statement really confuses matters. For example, one year, you may have a £17000 salary made £300 with a revaluation figure so I wasn’t certain if each ‘pot’ goes up yearly with inflation or your pension in total. They never make things easy.

crv1963

1813 said:

That’s what confused me as well seeing the TRS statement really confuses matters. For example, one year, you may have a £17000 salary made £300 with a revaluation figure so I wasn’t certain if each ‘pot’ goes up yearly with inflation or your pension in total. They never make things easy.

It is 1/54 of each years salary that you earn as a pension. The "pot" is to simply explain to each employee what their pension will be. Once deferred it goes up by the CPI each year.