Updated - Public pensions consultation (for all those affected by the change in pensions is 2015)

[Guest]

UPDATED. GOVT HAS RESPONDED. NOT READ YET. ITS ON THE SAME LINK BELOW.

THEY HAVE AGREED TO A DEFERRED DECISION AND THE END OF MARCH 2022.

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I see that the govt has issued a consultation on how it's going to respond to the sargeant and McCloud judgement.

Complex stuff but potentially some.big decisions for all of us affected.

Consultation ends on 11 October.

gov.uk/government/consul...e-2015-schemes

It's 78 pages long! I am traveling through the options and the potential tax implications but it's really dense.

Anybody seen anything slimmer line which explains what the govt propose to do ?

Cheers.

[Guest]

As an aside, it's likely to affect 3million people potentially (or 3 million in scope and 2 million affected by the 2022 changes).

It is clear that it will apply to everybody whether it not you lodged a legal challenge.

So there is no need to join one of those legal firm bids and potentially waste your money (a la PPI process)

[cornishfrogboy]

It is really interesting stuff.

I joined the NHS scheme in 2012 as a 52yr old and was collecting a 60th of final salary for each year. I understand that I can take that now (for those 2 years). I have no prospect of promotion and any pay rises will not reflect the rate of inflation during the, at most 5.5 yrs I intend working.

In 2015, I was moved to the new scheme.. 1/56 for each year served individually and index linked thereafter, but I cannot take it until I reach State retirement age (66 yrs and 1 month). I am now 60.5 yrs.

If I can choose to revert to the old scheme, then whether to or not would clearly and very much depend on when I intend retiring. This timing of retirement is rather important as I spent many years ‘opted out’ of SERPS whilst accumulating my Army/Police pensions of which I am now in receipt. I do not reach the stage where I can be in receipt of the full State Pension until I am 65! Clearly this is desirable.

It is a rather complicated decision and I am not sure which way I would jump as there are so many variables. My initial thoughts are that I should stay with the 2015 scheme and retire on the day that my SERPS opted out years have been replaced to enable a full State Pension when I actually reach my State Retirement age.

I have received no correspondence to date from my pension provider.

[Cherrypie]

Originally Posted by FamilyGWales

I see that the govt has issued a consultation on how it's going to respond to the sargeant and McCloud judgement.

Complex stuff but potentially some.big decisions for all of us affected.

Consultation ends on 11 October.

gov.uk/government/consul...e-2015-schemes

It's 78 pages long! I am traveling through the options and the potential tax implications but it's really dense.

Anybody seen anything slimmer line which explains what the govt propose to do ?

Cheers.

See more...

I had a letter about it with the proposed options

[MEZZA]

I joined the NHS in 1986 and started my pension then - I have protected Mental Health Officer status which means I can retire on full pension at 55 - wonder what it means for me because I’m on the pension prior to the 2015 one

[Guest]

So after trogging through it and their proposed solutions about which there is a fair bit of detail and I would quite like to know exactly what it means for my personal pension planning ... I have come to the conclusion that they are only really asking one question.

A) should you be asked to decide in 2022 or
B) decide when you retire.

Is that right?

I have been looking at the examples at the end and as far as I can see the amount you get will be dependant on your pay rise and inflation which will determine which option is better for you personally, IE stay in legacy or shift to new.

If that is the case, given we cannot predict the future, surely the answer is to decide once you know what your pay increase and inflation rates are. So presumably, at the point of retirement?

Is that right? Don't want to miss a trick.with this. Want to respond to the consultation so it's not just unions and employers responding as thier preference may not be mine...

But bottom line, at least they are taking steps to put it to rights.

Not sure I agree with the hard line transfer in 2022 irrespective, but don't give you the option to disagree with that as far as I can see.😶

[Lizzim]

Originally Posted by FamilyGWales

I have come to the conclusion that they are only really asking one question.

A) should you be asked to decide in 2022 or
B) decide when you retire.

Is that right?

I have been looking at the examples at the end and as far as I can see the amount you get will be dependant on your pay rise and inflation which will determine which option is better for you personally, IE stay in legacy or shift to new.

If that is the case, given we cannot predict the future, surely the answer is to decide once you know what your pay increase and inflation rates are. So presumably, at the point of retirement?

Is that right? Don't want to miss a trick with this.


Not sure I agree with the hard line transfer in 2022 irrespective, but don't give you the option to disagree with that as far as I can see.😶

See more...

So, yes I think you are correct on the purpose of the consultation. The difficulty I can see is that it makes annual benefits statements more complicated and the tax implications are also more difficult.

They are only addressing the issue because they have been forced to by the courts which is a shame really.

On 2022, it is my understanding that the only way to avoid further legal issues they have to treat all employees the same.

Which may mean some individuals will have to move into a scheme that they wouldn’t want to.

Although given the time that has elapsed that should only be people with 3 years to go until retirement (I don’t wish to downplay the potential impact on those individuals).

[Bootrip2]

I am NHS on old pension scheme 2000 until forced over in 2015. Does this mean i can convert my ‘new’ 2015 pension in with my original one? I plan to leave at 55 so would be benficial for me as i wouldnt have to wait for my 2015 pension without having large penalties? Or am i wishful thinking?

[Dinglebert]

Originally Posted by MEZZA

I joined the NHS in 1986 and started my pension then - I have protected Mental Health Officer status which means I can retire on full pension at 55 - wonder what it means for me because I’m on the pension prior to the 2015 one

See more...

You will still be on the old old scheme and not the one prior to 2015. I was. I started in 1985 hit my 30 years when I reached 55 and off I went with my MHO status. Came back 2 days later on a 16 hour contract.

[Floridag1rl]

I am a civil servant and still in the old scheme, I plan to take my civil service pension at 60yrs which is May 2022. I was told I would be opted into the new scheme from 6/4/2022 6 weeks before my birthday, I don't think this change will have any affect on me and the old scheme is a better scheme then the new scheme for civil servants.