Transcript NHS Pension Scheme - GHP - Guild of Healthcare Pharmacists

NHS Pension Scheme
Agreed in 2008
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A 1995 and 2008 section
NHS Choice exercise
Tiered and progressive contribution rates
Employer cap of 14% on contributions
Cost sharing arrangements between
employers and employees
Contribution Increases
Full time equivalent
pensionable pay
Contribution rate 2011
to 2012
Contribution rate
2012 to 2013
Up to £15000
5.0%
5.0%
£15000 to £21175
5.0%
5.0%
£21176 to £26557
6.5%
6.5%
£26558 to £48982
6.5%
8.0%
£48983 to £69931
6.5%
8.9%
£69932 to £110273
7.5%
9.9%
Over £110274
8.5%
10.9%
Proposed Contribution
Increases
Full time Equivalent
pensionable pay
Proposed rate 2013 to
2014
Proposed rate 2014
to 2015
Up to £15000
5.0%
5.0%
£15000 to £21175
5.3%
5.6%
£21176 to £26557
6.8%
7.1%
£26558 to £48982
9.0%
9.3%
£48983 to £69931
11.3%
12.5%
£69932 to £110273
12.3%
13.5%
Over £110274
13.3%
14.5%
Paying More
• Increased contributions to 2015
• Average contributions will be 9.8%
previously 6.6%
• Future employer contribution?
• Tiered contributions in CARE
• Ongoing public sector pay restraint
Working Longer
• Current NHS retirement ages 55/60/65
• 2015 Normal Pension Age equal to State
Pension Age
• State Pension Age set to rise to 68 and
beyond
• Uniformed services not linked to state
pension age
Getting Less
• Indexation of NHS Scheme changed from
RPI to CPI
• CPI lower than RPI
• Future predictions of CPI at 1.2% less
than RPI
• Overall benefits reduced by 15%
• Joint Union Legal Appeal
CARE Scheme
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Accrual rate 1/54th
Revaluation set at CPI plus 1.5%
No automatic lump sum
Lower benefits than final salary for career
progression
Protection
• Full Protection for members within 10
Years of Normal Retirement Age
• Tapered Protection for a further 3.5 years
• Paying More Getting Less
• Benefit of protection for 2008 Section
members?
• 25 Year Guarantee
Further Discussions
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Fair Deal and Access to the NHS scheme
Working Longer Review Group
Contributions
2nd Choice
Opt outs
Defend Your Pension
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Working Longer
Higher Contributions
Lower Benefits
All income and savings from reforms going
to HMT
• Calculate your benefit on the pensions
calculator at www.unitetheunion.org/health
Consultative Ballot
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Ballot opens 1st March
Ballot closes 19th March
Union Consultation
Member support and participation
Reject the Pension Reform Proposals
Day of Action 28th March