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’ exercise gave all eligible members of the NHS pension the option to move from the 1995 section into the 2008 section when it was introduced. Then, when the 2015 section was launched, ‘Choice 2’ gave members who had remained in the 1995 section another opportunity to move.
As part of the McCloud remedy being implemented, members have now been given the option to reconsider their original ‘Choice 2’ decision. This is because they may have moved to the new sections believing they offered more retirement flexibility in the future – but now those flexibilities have been offered to them anyway.
The letter therefore asks whether, if you decided to move your 1995 section benefits to the 2008 section, you would like to move the benefits back. Importantly, there is a deadline of 20th May 2024 to inform the NHS Pensions Agency.
For the majority of those impacted, reversing their decision will be beneficial but every case must be properly checked as there are various criteria to consider – and not much time to verify the details.
In 2008 and 2015, the information provided by NHS Pensions to aid decision making was far superior to what we are seeing now.
If you need specialist advice on this or any other NHS matter, please get in touch.
Approver Quilter Financial Services Limited & Quilter Mortgage Planning Limited 27/03/2024
