McCloud latest – deadline extension for new ‘Choice’ exercise

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Did you receive a letter from the NHS Pension Agency earlier this year regarding changing the decision you made about your pension when the 2015 scheme was first introduced? If so, the deadline to reconsider your previous NHS pension decision has been extended to 18th June 2024. The extension is welcome but still does not […]

McCloud latest – can you claim back the cost of financial advice?

advisers

Finally some welcome news regarding NHS Pensions and McCloud. Doctors who have received help from financial advisers or accountants to navigate the McCloud remedy, will now be able to recover some of the costs involved. The new ‘Cost Claim Back Scheme’ means NHS Pension members affected by ‘McCloud’ (or the ‘Public Service Pensions Remedy’) can […]

NHS Pension contributions have changed – how much will you pay or receive?

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From April, NHS Pension members will see changes to the amount they and their employers contribute to their pension. Following a series of consultations which began in 2022, contribution rates for members and employers are changing. For many doctors, this contribution change will be minimal. The tiers of contributions have been decreased from seven to […]

Annual Allowance statements – update

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The NHS Pensions Agency is due to start issuing ‘annual allowance’ statements from the beginning of this month. These will show your revised pension growth for the seven years of the McCloud remedy period. Officially, they are known as ‘remedy pensions savings statements’. To recap, the McCloud remedy aims to recompense NHS pension scheme members […]

McCloud latest – have you received a new ‘Choice’ letter?

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Many clients have been receiving letters from the NHS Pension Agency asking if they would like to change the decision they made about their pension when the 2015 scheme was first introduced. This is being called ‘Choice 2 revocation’ and there is just a few months to decide. As you may recall, the original ‘Choice’ […]

Proposals to retain more staff as part of the latest NHS pension consultation

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Yet another consultation has been launched by the Department of Health and Social Care which puts forward changes to the NHS pension scheme. The latest proposals include previously suggested changes to contribution rates as well as removing the abatement rules for members from April. Abatement is the process which limits your NHS pension in payment […]

Have you received the inflationary increase due on your NHS pension?

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If you are contributing to the 2015 NHS pension scheme (and have not had a break in pensionable service of 5 years or more) your pension should be revalued every year with inflation. This will be at the CPI rate of inflation plus 1.5%. We have found that some clients have not received their inflationary […]

Will new NHS pension flexibilities be enough?

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The outcome of the NHS retirement flexibilities consultation was published in March. From April 2023, doctors in the 1995 scheme will be able to ‘retire and rejoin’ – effectively retire, draw their NHS pension benefits and rejoin the 2015 scheme to accrue further benefits. There is a minimum 24-hour break before rejoining however, the previous […]