How do changes to the NHS Pension Scheme affect you?
A number of changes were made in April 2008 regarding the NHS Pension Scheme and the benefits provided to members*.
One of the biggest changes is that the current system for the purchase of additional benefits in the form of Added Years has ceased.
In addition, your contributions will now be linked to your earnings, so as your career progresses, you are likely to contribute more (between 6.5% - 8.5% of earnings compared to 6% previously).
However, some changes will allow for greater flexibility. For example, you will be able to increase the size of your tax-free lump sum up to 25% of your total pension entitlement, in return for a smaller pension.
It's vitally important to ensure you are fully aware of these changes. Your local Wesleyan Medical Sickness Financial Consultant will be able to provide you with a comprehensive guide to those changes that directly affect you, together with advice on the best way forward.
To request an appointment you can contact your local Wesleyan Medical Sickness Financial Consultant direct.
*This information is based on our current understanding of the new pension arrangements.