Resources for those with leadership and line management responsibilities. Increasing leadership skills across the UK. %PDF-1.7 % Each year's pension earned will increase every year in value by the Consumer Price Index (CPI) plus 1.5 % per year. Here are the instructions of how to enable JavaScript in your browser. April 2022 set to impact on pay; the Scottish Government is reluctant to increase contribution rates for NHS staff further from 1 April 2022 and would prefer to continue with a structure which delivers the current yield of 9.6% for 2022-23. NHS pensions will meet the cost of increasing the non-GMP element of your NHS pension plus the first 3% of any increase to be applied to the GMP element of your pension. PDF NHS Pensions Update March 2023 NHS Employers warn urgent changes to NHS pension tax calculations stream Annual Pension Increase 2022 | SPPA cookies Read articles, interviews and comment from the BMA's award-winning magazine. 0000006520 00000 n The minimum tapered Annual Allowance will rise to 10,000 from 2023/24 (currently 4,000). How to claim and supporting information. 2023 Annual Pension Increase (API) | SPPA /%^Z}x uLSdR}RQ5G&r!6=#+.*+QA VM^+;xwN]p}3 R-t4vYcG_IV offers FT membership to read for free. Well send you a link to a feedback form. You can still enjoy your subscription until the end of your current billing period. You can view the full outcome of the consultation on the gov.uk website. We support credit card, debit card and PayPal payments. If youre applying to retire in April 2022, to allow us time to process your retirement and make sure your benefits are paid, well calculate your pension using your 1995/2008 Scheme membership until your last day of service. 0000012819 00000 n This means when its time to pay your 1995/2008 benefits, theyll be calculated using your final salary at retirement and not at the point you transitioned to the 2015 Scheme. The date you can take your benefits from a Scheme is known as your normal pension age. View the latest press releases from our England, Northern Ireland, Scotland and Wales media teams. hb```b`` B@1V G^```tfP>rI!u=Nn0oe%}HS49c,/gg|qVO-Iq2IZ'>\G Your NHS Pension is paid into your nominated bank account in equal amounts on the same day each month. This change means that active members of the 1995/2008 Scheme will automatically move to the 2015 Scheme and start building up benefits in this Scheme. % If you apply for consideration for ill health retirement, if we receive your application by31 March 2022and you'restill an active member of the pension scheme from 1 April 2022, your application will be considered against the qualifying rules for both the 1995/2008 Schemeand the 2015 Scheme.