NHS Pension Changes

[Scottishmumofgirls]

I have been reading up on this and trying to get my head around the changes in pension happening next year. I am still in the old final salary scheme. I am 38 and have 15 years service, though have been part time since 2009. I realise I have to move to the new pension scheme in 2015. My confusion is that we are going to be offered another opportunity to join the 2008 scheme. I don't really understand this. My questions are:

Does this mean transferring my current pension over to the 2008 scheme and that starting again in the 2015 scheme?

Does this mean, if I transferred to the 2008 scheme, my current pension would become career average, no lump sum and I can't access what I have until I'm 65, whereas if I retire at 60(highly unlikely) And remain in the current scheme I can access what I currently have in my pension?

I'm not seeing the advantages to switching to the 2008 scheme. Am I missing something?

Thank you

As far as I know there are very few advantages to moving to the new scheme from the old scheme. I read the literature when they last offered the move and couldn't find anything positive - why would the governement offer the option of moving your contributions to a better scheme? If I was still an active member I wouldn't be opting to move any of my previously accrued pension to the new scheme. Because I now no longer live in the UK I'm taking steps to move my pension out of the scheme altogether before the April 2015 deadline for doing so.

Basically, when they offered a switch no-one took it as it is a no brainier that a new scheme will be worse. All your accrued rights will remain in the original scheme and the new ones in the 2015 scheme. You are being offered the chance to move your accrued rights to the 2008 scheme and I doubt that there is much benefit to doing so, though obviously everyone is different and you'd need independent advice if you were considering it. Wesleyan isn't a bad company for such advice, used to be affiliated to the BMA.

just seen this and I'm in an very similar situation to yourself, stayed in the old scheme last time round and have just found out I'm being given another opportunity to move to the new scheme before the next lot of pension changes next year. Gut feeling is to stay as I am but will wait for the info pack to arrive.

The 2008 scheme was the first step on the way to career average - so if you have worked part time it may be better for you
Remember that entitlements earned up to the change dates are not affected

Your trust hr dept should have the spreadsheet to compare your options

I took the view that every change seems to operate to the members disbenefit so why on earth would you change.

I'm leaving mine where it is, I'm 46.