2015 NHS Pension Scheme - Important Information For Those Moving To The 2015 Scheme

2015 NHS Pension Scheme - Important Information For Those Moving To The 2015 Scheme. All members not entitled to protection will move across to the 2015 Scheme on 1st April 2015.

Officers

- All pension rights accrued in the 1995 and 2008 Sections will be 'banked'. These past pension benefits will still be calculated using final salary when you retire or leave the 2015 Scheme.

- If you have a break from pensionable service for over 5 years that starts and ends after 1st April 2015 will have their past benefits calculated using the final salary as at the last day of pensionable service before the break begins.

- In order to determine the final salary to be used to calculate 1995/2008 benefits - the usual 1995/2008 rules will apply - and then applied to 2015 pensionable earnings.

- The facility to use an earlier final salary where it results in higher benefits (i.e break of service for 12 months or more, protected pay as a result of an organisational change or voluntary protected pay) will continue to apply for this purpose.

Practitioners

- Again, all pension rights attained in the 1995 and 2008 Sections up to 31st March 2015 will be protected and will be put into payment based on the rules of the relevant section.

- In the 2015 Scheme, practitioners will move to the new Career Average Revalued Earnings (CARE) basis and share the same 1/54ths arrangement common to all members.

- 'Practitioner Flexibilities' where pension benefits are calculated for practitioners that have mixed membership (i.e some officer, some practitioner service) resulting in the higher of the Officer or Practioner method of pension calculation, will continue to apply for 1995/2008 benefit calculations. There will be no need to do this in the 2015 Scheme as all members will accrue pension using the same method.

All Members Benefits

- Members will still be able to claim in full their accrued pension benefits from the 1995/2008 Sections on retirement at their Normal Retirement Date of 60/65.

- Those retiring from the 2015 Scheme through ill-health will be entitled to their 1995/2008 benefits too using final salary at that time.

- Death benefits and widows/widowers pension will continue to apply and benefits accrued under the 1995/2008 schemes will be honoured.

Special Classes

- Those qualifying for a Normal Pension Age of 55 can still claim their 1995 benefits in full at this time.

Re-Employment Of 1995 Section Members After Retirement

- Members must leave NHS employment in order to take their 1995 Section benefits and they will not be able to pension further NHS work in the 2015 Scheme.

- 1995 Section benefits can be taken from aged 50 (subject to actuarial reduction). However the member would have to defer claiming their 2015 Scheme benefits until 55.

- If you take your 1995 Section benefits at 55 you can choose to take your 2015 Scheme benefits then (subject to actuarial reduction).

Additional Pension In The Existing NHS Pension Scheme

- Existing additional pension arrangements like 'Added Years' and 'Additional Pension' taken out by 1995 and 2008 Section members will continue to be honoured. There will also be the facility for purchasing 'Additional Pension' in the 2015 Scheme.

- 1995 Section members may access their 'Added Years' or 'Additional Pension' benefits at aged 60 without having to leave NHS employment or cease pensionable service in the 2015 Scheme.

 For an up to date and individual review of your own current circumstances please contact richard.higgs@wealthwestmedical.co.uk

 

 

 

 

 

 

 

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