With this in mind, the scheme offers a degree of protection should you experience a reduction in your pensionable pay due …

The NHS Business Services Authority (BSA) will identify each instance of pensionable pay increase in excess of the allowable amount, calculate the employing authority charge and collect payment of that charge. Special class status in the 1995 section of the NHS Pension Scheme meet these criteria your pension age will revert to the normal pension age in the 1995 scheme – 60. JavaScript is required for the best user experience.

32/80 x £ 120,000 =£ 48,000) + (4/80 x £ 100,000 =£ 5,000) = £ 53,000, Scottish Government | Riaghaltas na h-alba | gov-scot.

pensionable salary (also referred to as pensionable earnings or pensionable pay) final pensionable salary; Although relevant to both defined benefit (DB) and defined contribution (DC) schemes, this article concentrates on DB schemes.

We use cookies to give you the best experience on our website. The new charge will apply in cases where a member has a pay increase which is over a specific amount, the consumer price index (CPI) + 4.5 per cent. No changes have been applied to the text. Meaning of “pensionable pay” and “final year’s pensionable pay” C2. A pension based on your protected rate of pay* plus cost of living increases for membership up to the date of protection, and a second pension for membership after that date which will be calculated on your pay* at retirement. If you have one period of protection when you retire, two pensions will be calculated. C1. With this in mind, the scheme offers a degree of protection should you experience a reduction in your pensionable pay due to a decrease in the hourly rate paid. If you are a protected member of the 1995 or 2008 section or have a salary link to preserved rights in the 1995/2008 Scheme, you can apply for protection of pay when you’ve suffered a reduction in pensionable pay through no fault of your own. Membership of the scheme. Solve this simple math problem and enter the result. Excessive pay increases resulting from a salary sacrifice arrangement taken out before 1 April 2014. Transfers to the scheme in England and Wales from another health service scheme (for example Scotland or Northern Ireland). !8217; pensionable pay in the last 10 years.

Example

Scheme section 1995 section 2008 section 1995 section 2008 section 1995 section 2008 section Member contributions 5% - 8.5% depending on rate of pensionable pay 5% - 8.5% depending on amount of pensionable earnings 5% - 8.5% depending on rate of pensionable pay Pension A pension worth 1/80th of final year’s pensionable pay per year of membership Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Protection of pay does not apply to Practitioners or to members of the 2015 Scheme unless you have a ‘final salary link’ through previous membership of either the 1995 or the 2008 sections.

Charges resulting from a local CEA will be payable by the local employer. *2008 Section membership - The reckonable pay, which is an average of the best three consecutive years!!

If you’re a member of the 1995 Section (or have a final salary link to 1995 Section pension benefits ) and you’ve reached minimum pension age, you can apply for voluntary protection of pay if your pensionable pay reduces by 10% or more for a full year following a ‘step down’ to a role where your duties are less demanding and carry less responsibility than previously.