NHS Pension Scheme Scotland
NHS Pension Choice 2 Exercise
The original Choice Exercise was carried out in 2010 when all active members of 1995 Section were given the option to move to the 2008 Section. During scheme negotiations it was agreed to offer these members a second opportunity to make a choice to move their preserved rights into the 2008 Section, which has a higher accrual rate, NPA 65 and more flexibilities about retirement options and re-employment. This is known as 1995 Section Choice in Scotland.
The SPPA issued generic letters to 2800 members during first week of August 2015. Additional information has been published on the SPPA website including case studies and FAQs to help members make their decision. These members had 4 months to reply until 30 November 2015. Just over 2% decided to change.
Scheme Advisory Board
The NHS Pension Scheme (Scotland) Scheme Advisory Board has held its first meeting, The terms of reference and remit can be viewed here.
NHS scheme valuation
The first valuation of the National Health Service Superannuation Scheme (Scotland) under the new arrangements has been completed based on scheme data as at 31st March 2012. Completed on 20th January 2015, results were used to set employer contribution rates from 1st April 2015 to 31st March 2019 inclusive and to establish an employer cost cap against which future scheme costs will be compared in future quadrennial valuations.
New scheme starts
The new NHS Scotland Pension Scheme came into effect from 1 April 2015.
Here is a UNISON Scotland PowerPoint presentation on the new NHS Pension Scheme 2015.
The National Health Service Superannuation Scheme (Scotland) is a statutory scheme, providing pensions and life assurance for those employed by the NHS in Scotland.
This is a 'pay as you go' pension scheme with contributions from both members and employers paid to the UK Exchequer which meets the cost of scheme benefits.
The SPPA is responsible for the regulations and all administrative tasks carried out in respect of current and past (deferred) members and NHS pensioners.
Further details of the scheme are available at their website.