Pensions
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Oxfordshire Health Branch organises health workers. Part of UNISON, the Health Group, & South East Region we affiliate to the TUC & Keep Our NHS Public.

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UNISON Office  Temple Court 107 Oxford Road, Cowley, Oxford, Oxfordshire, OX4 2ER.
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Pensions

The future of NHS pensions continues to be debated however despite recent headlines the scheme appears to be safe. Our pension scheme is NOT in deficit each year it pays out £5.6bn to retired members but receives £7.8bn from current members.

At the moment the NHS pension scheme requires most members to contribute 6.5% of our wages and NHS employers to contribute about 14%.  With tax relief this means that the scheme is considered to be worth about 20% on top of our wages. Some conservative commentators complain this is a 'gold plated' pension - far too good for working people. Compared to many modern private schemes for workers it is good - but this type of final salary pension used to be the norm for many people in the 20th century - health workers have not suddenly become privileged rather others have been robbed of a decent pension. Historically the NHS pension, on average, delivers an extra £3,500 a year to women members at 60 - not a fortune!

From April 2010 until July 2010 there is a one off 'pensions choice' for NHS staff over 50 in our region. In the Autumn the under 50s will get a choice. Its a one off one way choice. Members of the new (2008) scheme will not be given the option to switch to the old (1995) scheme. For most people perhaps the bottom line is that we need to decide whether we could survive if we retire at 60 or whether we'll need to work on to 65 to get a pension we can live on. If we decide we are going to retire at 65 there may be some advantages in switching to the new 2008 pension scheme but do check carefully (its a sixtieth scheme but with no automatic lump sum). Please take advice from an Independent Financial Advisor. Remember too the state (old age) pension will no longer be payable at 60 for women so a person wishing to retire at 60 may have to survive on just the NHS pension until we access the state pension at 68 - this new pension age is being phased in.

There is pressure on the state pension age too, the Confederation of British Industry - big business interests - is calling for the state pension to become payable only at the age of 70 years. The Conservatives have said they will bring forwards planned increases in the pension age and there are discussions (but no firm proposals) about going for a common age for state and occupational pensions.

One senior steward has commented "They plan to work us until we drop - we will pay into the pension longer and draw our pension for a much shorter period particularly if we have had a life of tough physical work and are likely to die younger than average."

Links

bullet NHS Pension Choice - official website
bullet NHS Pensions - how much will I get?
bullet NHS Pensions - can I buy more pension?
bullet State Pension - what is the new pension age?
bullet Lost your old pension? - tracing service
 

 

 

Contact: UNISONdirect on 0845 355 0845 from 6 am to midnight, Mon - Fri and 9 am to 4 pm on Sat. Membership of UNISON  Branch Phone number 01865 770022 - office staffed weekday mornings.