| NHS pay 15:19 - Mar 13 with 3119 views | noggin |
I left the NHS in 2005, with a wage of about £34000 so my pension has been deferred since then. The 1995 pension scheme is based on salary while paying into the scheme but deferred schemes are increased by CPI every year.
So, my deferred pension is now based on the equivalent of a salary of £60000. For people still working, their salary has hardly increased from the 34k.
Great for me but brings home why NHS workers have been striking.
# Fnck the tories.
[Post edited 13 Mar 2024 15:23]
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| NHS pay on 15:28 - Mar 13 with 3034 views | homer_123 |
2% NI Tax Cut though!
We're all in this together. |  |
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| NHS pay on 15:31 - Mar 13 with 3010 views | nodge_blue |
Are you saying NHS staff today wouldnt get a CPI roll up if they left?
Are you in a final salary scheme? So a guaranteed pension at retirement? |  |
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| NHS pay on 15:37 - Mar 13 with 2978 views | noggin |
| NHS pay on 15:31 - Mar 13 by nodge_blue |
Are you saying NHS staff today wouldnt get a CPI roll up if they left?
Are you in a final salary scheme? So a guaranteed pension at retirement? |
My NHS pension is based on a % of my final salary, which was 34k. As it is deferred, it increases with CPI, rather than any wage increases in that time.
My colleagues who are still working in the NHS have a pension that increases at the same rate as their wages each year.
That is how I read it anyway. | |
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| NHS pay on 15:46 - Mar 13 with 2932 views | nodge_blue |
| NHS pay on 15:37 - Mar 13 by noggin |
My NHS pension is based on a % of my final salary, which was 34k. As it is deferred, it increases with CPI, rather than any wage increases in that time.
My colleagues who are still working in the NHS have a pension that increases at the same rate as their wages each year.
That is how I read it anyway. |
all final salary schemes work like that. In the private sector too.
If they get promotions etc then their salaries can jump and then the pension jumps with it, regardless of previous lower salary.
I didn't realise the NHS still had them. They are still very valuable things to have. | |
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| NHS pay on 16:06 - Mar 13 with 2842 views | giant_stow |
I'm pleased for you, but maybe the two things are linked? |  |
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| NHS pay on 16:14 - Mar 13 with 2810 views | noggin |
| NHS pay on 16:06 - Mar 13 by giant_stow |
I'm pleased for you, but maybe the two things are linked? |
Which 2 things? | |
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| NHS pay on 16:22 - Mar 13 with 2768 views | giant_stow |
| NHS pay on 16:14 - Mar 13 by noggin |
Which 2 things? |
The good pension for people on the old contracts / the poor pay for current contracts. Ie, the pensions liability is heavy enough to affect current spending.
Could be chatting sh1t, maybe not. | |
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| NHS pay on 16:23 - Mar 13 with 2756 views | noggin |
| NHS pay on 16:22 - Mar 13 by giant_stow |
The good pension for people on the old contracts / the poor pay for current contracts. Ie, the pensions liability is heavy enough to affect current spending.
Could be chatting sh1t, maybe not. |
So the connection is the tories? | |
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| NHS pay on 16:27 - Mar 13 with 2737 views | giant_stow |
| NHS pay on 16:23 - Mar 13 by noggin |
So the connection is the tories? |
Or an ageing society, or perhaps previously over-generous pensions? I wouldn't have a clue - I'm not one of those actuary types. Just asking the question - this isn't a dig - like I said, I'm happy for you personally. | |
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| NHS pay on 16:27 - Mar 13 with 2737 views | DJR |
| NHS pay on 15:37 - Mar 13 by noggin |
My NHS pension is based on a % of my final salary, which was 34k. As it is deferred, it increases with CPI, rather than any wage increases in that time.
My colleagues who are still working in the NHS have a pension that increases at the same rate as their wages each year.
That is how I read it anyway. |
I think the point you are making is that your pension will be based on a higher final salary than would have been the case had you carried on working and not been promoted because NHS pay hasn't kept pace with inflation.
Colleagues of yours who carried on working will, however, have more contributing years, thus being entitled to a higher fraction of their final salary (assuming the final salary scheme still exists) but the point you are making illustrates how badly NHS workers have been treated in terms of pay these last 15 odd years. [Post edited 13 Mar 2024 16:28]
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| NHS pay on 16:29 - Mar 13 with 2717 views | noggin |
| NHS pay on 16:27 - Mar 13 by DJR |
I think the point you are making is that your pension will be based on a higher final salary than would have been the case had you carried on working and not been promoted because NHS pay hasn't kept pace with inflation.
Colleagues of yours who carried on working will, however, have more contributing years, thus being entitled to a higher fraction of their final salary (assuming the final salary scheme still exists) but the point you are making illustrates how badly NHS workers have been treated in terms of pay these last 15 odd years. [Post edited 13 Mar 2024 16:28]
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Exactly. Thank you for explaining better than I could. | |
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| NHS pay on 16:42 - Mar 13 with 2665 views | SmithersJones |
| NHS pay on 15:46 - Mar 13 by nodge_blue |
all final salary schemes work like that. In the private sector too.
If they get promotions etc then their salaries can jump and then the pension jumps with it, regardless of previous lower salary.
I didn't realise the NHS still had them. They are still very valuable things to have. |
Some so-called "final salary" schemes have switched to a career-average basis, where your pension is based on the average salary you earned during your employment, to avoid the situation where big late-career pay rises cost the pension fund a huge amount of money. Still valuable to have though. |  | | |
| NHS pay on 18:58 - Mar 13 with 2440 views | LegendofthePhoenix |
| NHS pay on 16:27 - Mar 13 by DJR |
I think the point you are making is that your pension will be based on a higher final salary than would have been the case had you carried on working and not been promoted because NHS pay hasn't kept pace with inflation.
Colleagues of yours who carried on working will, however, have more contributing years, thus being entitled to a higher fraction of their final salary (assuming the final salary scheme still exists) but the point you are making illustrates how badly NHS workers have been treated in terms of pay these last 15 odd years. [Post edited 13 Mar 2024 16:28]
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The NHS pension scheme has indeed changed twice since the scheme you were in (the 1995 scheme). Your was based on 1/80ths of the final salary payable from age 60. In 2008, it changed to 1/60ths of the average over your three best years, but with a retirement age of 65 . Then in 2015 it changed again to a career average, with 1/54th per year of service, and payable at your normal pension age. So there is no longer a "final salary" pension in the NHS.
Another way in which salaries have been lowered is that from 2015, annual increments were done away with for higher bands, so that you stay on the same salary for 5 years, then get a big increment similar to what it would have been if you'd had annual increments. But this means you have no pay rises for 5 years (other than the nationally agreed general increase) and that your average, which is now used to calculate your pension, is lower. |  |
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| NHS pay on 19:13 - Mar 13 with 2394 views | jontysnut |
| NHS pay on 16:29 - Mar 13 by noggin |
Exactly. Thank you for explaining better than I could. |
Employee contributions will have gone up as well. |  | | |
| NHS pay on 19:37 - Mar 13 with 2329 views | Swansea_Blue |
That sector’s not alone. We have some reasonably good salaries in the Higher Education sector, so it’s sometimes feels wrong to complain. But having said that salaries dropped by 20% in real terms between 2010 and 2020. Pay awards have been nowhere near inflation since, so I hate to think what it is now - 25% real terms cuts since 2010 maybe? That’s hitting the many who are lower on the pay scale. And the pensions have been eroded over the same period (although recently some of the worst changes have been rolled back). On top of that we’ve a sector in crisis as the government attacks our funders and customers (Brexit, immigration rule changes leading to a c. 40% drop in applications from overseas students so far this year).
It’s the same in many public sectors or those whose business model is set by government. The counter to this, of course, is the claim that there’s no money. So then you have to ask why there’s no money. COVID’s only part of the picture, as a lot of the biggest drops took place in the decade before.
This government values nothing. Their modus operandi seems to be lining the pocket of backers, aggrandisement (of self and/or Party) and courting the racist vote. [Post edited 13 Mar 2024 23:37]
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| NHS pay on 22:59 - Mar 13 with 2147 views | TractorWood |
| NHS pay on 15:46 - Mar 13 by nodge_blue |
all final salary schemes work like that. In the private sector too.
If they get promotions etc then their salaries can jump and then the pension jumps with it, regardless of previous lower salary.
I didn't realise the NHS still had them. They are still very valuable things to have. |
Virtually nowhere has them in the private sector. At least open for new entrants. Basically poison for balance sheets. |  |
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| NHS pay on 23:07 - Mar 13 with 2127 views | Deano69 |
Prison service pay 27.1% into an employees pension.
Local government used to be 23.5% as I recall.
State pension age will be about 80 in 10 years time at this rate. |  |
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| NHS pay on 23:38 - Mar 13 with 2093 views | Swansea_Blue |
| NHS pay on 22:59 - Mar 13 by TractorWood |
Virtually nowhere has them in the private sector. At least open for new entrants. Basically poison for balance sheets. |
They’re being got rid of in the public sector as quickly as possible too. Those days are gone for the vast majority of any of us. | |
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