Option to Opt out of Pension Protection – 2008 Scheme members only
The NHS Pension Scheme option to give up protection exercise is scheduled to take place from June 2015. The option to give up protection exercise will give members of the 2008 section of the NHS Pension Scheme, with full or tapered protection, a one-off opportunity to move to the 2015 Scheme from 1 April 2015. This is because, for some members, the higher accrual rate in the 2015 Scheme could deliver a bigger pension at retirement than the 2008 section.
NHS Pensions will send letters to the home addresses of eligible members from June 2015. Members will then have 3 months to make their decision.
Members should consider whether it will be beneficial for them to move to the 2015 Scheme from 1 April 2015. There will be a range of resources available on the NHS Pensions website to support members to make their decision including an example and a comparison tool. Members will need to consider their own personal circumstances, career and retirement planning.
You can find out more about protection arrangements on the www.nhsbsa.nhs.uk
The Option to Give Up Protection web page and comparison tool is now live at http://www.nhsbsa.nhs.uk/Pensions/5043.aspx