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

[Bootrip2]

I am going to print off in work tomorow and have a good read. My main question will be will we be given figures on how much it is worth in new sceme and 1995 scheme like we were back in 2008? I hate the uncertainty!

[Bartswife]

Originally Posted by Lizzim

Only people who were within 10 years of normal pension age (based on scheme) were allowed to remain in the legacy schemes as far as I am aware. This is what caused the issue - it was judged to be age discrimination.

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Oh I see. Well as I’m approaching 60 that explains why I had the opportunity to stay in the old scheme then. Said I didn’t understand them! I know a lot of my closest colleagues received letters the same as I did but as we are also close in age that explains why.

[tspill]

Originally Posted by Bootrip2

I am going to print off in work tomorow and have a good read. My main question will be will we be given figures on how much it is worth in new sceme and 1995 scheme like we were back in 2008? I hate the uncertainty!

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They will likely give examples but I would have thought these would be personalised. If you aren't able to work it out, you may have to look t professional help.

Bottom line is that both old and new are great pensions.

[Bootrip2]

I wonder how it will work for those alrwady have taken their 1995 pension, i was thinking of my 1995 one next March, but i will hang on if im going to be allowed to change 2015 back to 1995 one.

[Lizzim]

Originally Posted by Bootrip2

I wonder how it will work for those alrwady have taken their 1995 pension, i was thinking of my 1995 one next March, but i will hang on if im going to be allowed to change 2015 back to 1995 one.

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I believe people who have retired since 2015 and have been impacted will also be given an option to review once the consultation etc is complete - although again most won’t have changed schemes so might not be an issue.

[Bootrip2]

Our pensions dept are denying all knowledge of this and still forcing my friend to move to 2015 scheme. She obviously wants to stay in 1995 scheme as she is 57!

[Guest]

To be honest, they may be right. I have been looking at it and I am a similar age. What my pensions folk are telling me (and they are aware of it thankfully) is that if it becomes my time to transition to the new scheme before the outcome of the consultation and the outcome of the government's decisions then I have to move to the new scheme, but can then move back in line with whatever the govt agree. Seems bananas to me but I can kinda see thier point.

But I would have thought if your friends scheme is impacted then her pay team should be aware of the McCloud judgment if not the consultation. Perhaps share the link to the consult with them and see if it does?

I want to be able to decide at the end, when I retire so I have a better understanding of what the economy has been doing in the interim so will know which one I am better off in. Will have to see which way it goes.

[tspill]

Originally Posted by Bootrip2

Our pensions dept are denying all knowledge of this and still forcing my friend to move to 2015 scheme. She obviously wants to stay in 1995 scheme as she is 57!

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That is because nothing has changed as yet. It could be quite a while while this judgement sorts itself out and the option to move back to the "old" pension arrangements.

But they shouldn't worry as if or when this does get resolved, and if the result is that you can make the choice to move back, then they will be able to change at the appropriate time.

[Bootrip2]

Seems so silly to be in a scheme you dont want to be in for just a year or two.

[cornishfrogboy]

Originally Posted by Bootrip2

Seems so silly to be in a scheme you dont want to be in for just a year or two.

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There are millions affected by this ruling and billions apparently allocated to sort the mess out. Public service bodies will not yet have had direction, not yet planned on how to administratively resolve it and in addition will have to train/retrain or whatever, staff. It will be a nightmare to sort out as it will also involve those that may have left since the implementation being contacted and given choices.

I think that rather than do it in drips and drabs, as and when etc, Pension providers will sort out the comments in paragraph 1 before rolling it out in whatever form is best... to everyone at more or less the same time.

If I were one of the bodies affected, I would be doing nothing right now and still using the 2015 scheme until all was in place.

Personally, I am 60 and may retire anytime between 2023 and 2026 when I reach State Pension age. The late date is to get back some SERPS opt out years. The ruling and it’s implementation clearly affects my position as I joined the NHS pension scheme in 2013. If given the choice, then it is a difficult one as it is affected by when I choose to leave.

I have been in receipt of my Police Pension since 2010 and therefore it is unaffected.