1995 vrs 2008 pension schemes

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jane doe
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Re: 1995 vrs 2008 pension schemes

Post by jane doe » Mon Mar 21, 2011 11:16 am

How are they contacting people? It's not some crappy slip inside our payslips is it? I'm worried now that I might have just ignored/binned something important - as I usually do :roll:

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BlueCat
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Re: 1995 vrs 2008 pension schemes

Post by BlueCat » Mon Mar 21, 2011 11:55 am

Yes mine was some crappy slip stapled to the back of my payslip.
There's no such thing as bad weather, just the wrong clothes. Billy Connolly.

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jane doe
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Re: 1995 vrs 2008 pension schemes

Post by jane doe » Mon Mar 21, 2011 12:33 pm

I thought so...

charley
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Re: 1995 vrs 2008 pension schemes

Post by charley » Mon Mar 21, 2011 12:50 pm

Jane - don't worry - i usually chuck everything away too but you can't miss this as even if you do throw it without noticing, you have to sign personally for the information pack when it is presented to you, and then have three months to decide. you are also offered the chance to attend information sessions etc so it would be unlikely if you miss it!!

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irishemma
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Re: 1995 vrs 2008 pension schemes

Post by irishemma » Mon Mar 21, 2011 2:31 pm

It might be slightly different in Scotland but I had to decide almost a year ago, right in the middle of thesis time. I was sent an information pack (I didn't have to sign for it) and it directed me to an online calaculator where you could pay about with figures etc. I stayed with the old one, as I had the option to retire at 60 and I'm a cynic and don't believe it is in my interests that they changed. You had to let them know if you wanted to change, and if you didn't you remained in the old one by default.

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jane doe
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Re: 1995 vrs 2008 pension schemes

Post by jane doe » Mon Mar 21, 2011 8:31 pm

This thread has brought up some stuff for me - it's made me realise that I signed up for NHS pension when I started training in 2007, but I actually know NOTHING about it - I don't even know when I'm entitled to retire, what the new system means, what I'll get when I retire...

I know that sounds really bad - I'm a bit ashamed to admit all of that - but where would I start in terms of finding out a bit more about this?

p.s. I'm not v good with figures... hence my illustrious career as a qualitative researcher! :wink:

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BlueCat
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Re: 1995 vrs 2008 pension schemes

Post by BlueCat » Mon Mar 21, 2011 9:14 pm

nhs employers, website with all your terms and conditions on
There's no such thing as bad weather, just the wrong clothes. Billy Connolly.

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miriam
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Re: 1995 vrs 2008 pension schemes

Post by miriam » Mon Mar 21, 2011 9:52 pm

The old scheme is based on 80ths of your leaving salary. For every year you work and contribute to the pension scheme you get 1/80th of your leaving salary, up to 40 years work earning half your final salary. There are clauses about working part-time, and about dropping to less well-paid work before retirement, but that's the basics as I understand them.

The new scheme is based on working 45 years to earn 2/3 of your career average salary I think...
Miriam

See my blog at http://clinpsyeye.wordpress.com

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BlueCat
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Re: 1995 vrs 2008 pension schemes

Post by BlueCat » Mon Mar 21, 2011 9:54 pm

Thought the new scheme was based on 60ths?
There's no such thing as bad weather, just the wrong clothes. Billy Connolly.

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miriam
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Re: 1995 vrs 2008 pension schemes

Post by miriam » Mon Mar 21, 2011 10:00 pm

Yeah, I think each year of service earns 1/60th of average career salary, to a maximum of 45/60ths being 2/3 of average career salary.
Miriam

See my blog at http://clinpsyeye.wordpress.com

astra
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Re: 1995 vrs 2008 pension schemes

Post by astra » Tue Mar 22, 2011 11:21 am

Jane I sympathise! I'm just the same - head in the sand until I need to claim something and then find out I missed the boat for some reason! I haven't noticed anything about my pension recently either, so I'm hoping I just haven't been contacted yet. I wish someone would realise that most people just bin the scraps of unsolicited waste paper attached to our payslips and dive in to see if we've accidentally been paid double this month!
From the point of view of mindfulness, as long as you're breathing there's more right with you than wrong with you. Jon Kabat-Zinn

lakeland
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Re: 1995 vrs 2008 pension schemes

Post by lakeland » Tue Mar 22, 2011 2:10 pm

I'm in the old scheme, but the way Miriam has described the schemes makes me think the new one is better?! Am I being thick?

Mesa34
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Re: 1995 vrs 2008 pension schemes

Post by Mesa34 » Tue Mar 22, 2011 2:21 pm

The old scheme was based upon getting a proportion of your final salary whereas the new one is based upon your average salary. So basically if you spend most of your career on band 7 and finished at band 8b you would get half of an 8b in the old scheme and two thirds of band 7ish in the new scheme.

lakeland
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Re: 1995 vrs 2008 pension schemes

Post by lakeland » Tue Mar 22, 2011 3:11 pm

Ahh I see, I missed the bit about it being average, rather than final! This doesn't bode well for me proof reading my next assignment!

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Loula
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Re: 1995 vrs 2008 pension schemes

Post by Loula » Tue Mar 22, 2011 7:44 pm

Mesa34 wrote:The old scheme was based upon getting a proportion of your final salary whereas the new one is based upon your average salary. So basically if you spend most of your career on band 7 and finished at band 8b you would get half of an 8b in the old scheme and two thirds of band 7ish in the new scheme.
The new scheme is also a final salary scheme(ish)- the old scheme was based on the best of your last 3 years pay, the new scheme is based on the average of your best 3 years out of the last 10 years, so for many people this will be the same.

The old scheme did have a lump sum though which I think is the main advantage (you can get a lump sum on the new scheme but it has a big impact on your pension amount). Plus the fact that we'll all be working until we're 65 (or more likely about 80 by the time I retire...)

this handout compares the two schemes.

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