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© GMB NHS Pension Scheme Choice Exercise NAME, GMB LOCATION DATE
© GMB Why Have a NHS Pension? n Expectation to retire from work. Hope to have a source of income to maintain standard of living Life expectancies are increasing n State benefits alone will barely cover necessities n NHS Pensions benefit from tax breaks. n Your employer pays towards your pension.
© GMB NHS Pension Scheme n NHSPS has two sections n 1995 section (with a retirement age of 60) available to all who were employed before 1 April 2008 n 2008 section (with a retirement age of 65) for new joiners or those returning after 5 years+ n Both are final salary sections with different levels of benefit, but the same level of contributions payable n Scheme reviewed recently but under attack – opposition parties & media
© GMB The Pensions Choice n Members have a one-off option to move all 1995 section pensionable service into 2008 section n All pension would be treated as if built up in 2008 section n For under 60’s (as at 1/10/2009) service would be converted on a year for year basis n For 60+ members, service would be reduced on transfer
© GMB NHSPS – What you pay n Members pay same levels of contributions to both 1995 and 2008 sections n Your contribution rate is based on how much earned in the last year TierFull Time Equivalent Annual Pensionable Pay in 2008/ /10 Contribution Rate 1Up to £20,2245% 2£20,225 - £66,7896.5% 3£66,790 – £105,3187.5% 4£105, % n Contributions are paid on your actual pensionable earnings
© GMB 1995 Section – Benefits n Normal Retirement Age of 60 n Pension of 1/80 th of final pay for each year of service n Automatic tax free lump sum of 3 times the pension (with the facility to give up a part of the pension for a higher lump sum) n Other features
© GMB 2008 Section – Benefits n Normal Retirement Age of 65 n Pension of 1/60 th of final pay for each year of service n No automatic tax free lump sum (can give up a part of the pension for a lump sum) n Other features
© GMB Delivery of the Choice Exercise n NHSPD delivering Choice Packs to employers n Choice packs to include: F Statement F Choice Guide F DVD F Form n Packs to be sent directly to members by employers n NHSPD are reliant on data sent by employer – very important to check n Intended to send these out from January 2010 n 4 months to make decision
© GMB Choice - What You Should Think About n Nobody (including GMB) can tell you what Choice you should make n Individuals should consider: u retirement age u additional flexibilities available in 2008 Section n Is the Data on the Statement correct? – you should query anything that looks wrong n Do the projections provided tie in with your retirement plans?
© GMB Resources n NHS Pensions Division F F n State Pension – The Pensions Service F F n GMB – Pensions Website F F Queries via rep/Regional Officer n Independent Financial Advice
© GMB Questions?
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