The consultation period has finished which sought views on changes to alter member contributions and on charges for employers who give large pay increases to staff before retirement.
The draft NHS Pension Scheme (Amendment No.2) Regulations 2014 will:
- Alter the pay/earnings bands for member contributions for the scheme year 2014 to 2015 to reflect changes to Agenda for Change pay scales
- Exclude from charges a pay increase made to staff before retirement, if this is due to the ending of an arrangement made before 1st April 2014 to give up part of their salary in exchange for a non-cash benefit
- Accomodate the HMRC Individual Protection 2014 facility
- Make a number of other miscellaneous and technical amendments.
Regulations that implement pension scheme changes are subject to final agreement by health ministers and HM Treasury.
If you have any queries about the recent (or upcoming) NHS Pension Scheme changes please get in touch.