Note for NHS Pension Scheme Members

Note for NHS Pension Scheme Members

NHS pension members who opted out the scheme between 2015 and 2022 are now able to buy back service that was missed and potentially benefit financially. The recent change affects thousands of NHS staff members, including practice managers and GPs, who will now need to carefully weigh up their options. If this impacts you then you will need to calculate whether the extra contributions you would have to pay increase your retirement savings pot – or whether you could end up losing money. Consult your personal accountants for the best advice. Some pension members chose to leave the NHS scheme in 2015 following the public sector pension reforms made that saw most move into new career average arrangements. The decision to allow reinstatement of service forms part of the McCloud remedy put in place to address the age discrimination that arose as a result of the changes.

Steps to take to review your NHS Pension

1.Identify whether you gave up any service between 2015 and 2022 and whether you might want to reinstate some or all of it. If you’re unsure whether you opted out or have missing service, you can check your pension record by contacting the NHSBSA on 0300 330 1346 and asking for your ’05 service extract’. This can usually be emailed the same day and will show a record of every pensioned NHS employment so you can spot any gaps between April 2015 and April 2022.

2.To access a benefits valuation for buying back service, complete an application form that can be found on the NHSBSA web site. This should then be passed to your employer (or ICB for GPs), which will need to add in some details, and submitted to NHSBSA.

3.If you are considering reinstating service ask, ‘Am I likely to be able to afford this now?’ Payment can be made in a lump sum or by payment plan (if you are an active or deferred member).

4.Alternatively, consider whether the decision to buy back might be delayed once you are in receipt of pension benefits. Your pension benefit can be used to pay for the reinstatement cost and might make more financial sense.

William Greenwood

Chief Executive and Company Secretary