The Option to Give Up Protection exercise gives members of the 2008 Section of the NHS Pension Scheme with Full or Tapered Protection, a one off opportunity to move to the 2015 Scheme from 1 April 2015. This is because, for many members, the higher build up rate in the 2015 Scheme could deliver a higher pension at retirement than the 2008 Section. The exercise will affect approximately 44,000 members of the NHS Pension Scheme.
This page provides:
- Further information and support for members who are eligible.
- Information and support for NHS employers to help you prepare for the exercise.
Financial modelling of the impact of moving to the 2015 Scheme for protected 2008 Section members has suggested that many members could be better off if they moved when it started on 1 April 2015.
This is because the 2015 Scheme builds up pension benefits in a different way to the 2008 Section and, unless you anticipate a substantial pay increase (for example through a promotion that takes you up a number of pay bands), it is likely that the 2015 Scheme will provide a higher pension than for the same period of membership in the 2008 Section.
It is important to remember that your 2008 Section membership up to 31 March 2015 is not affected and cannot be moved to the 2015 Scheme under this exercise. These benefits will be calculated under 2008 Section rules and can be claimed by you in full at age 65.
The following information has been provided to help you understand this opportunity. We strongly advise you to read them before making a decision.
- Comparison tool. Please read the introductory text carefully before using the tool. Please read the hover text help notes if you are unsure what anything means.
Your decision is important. Only you can decide.
If you decide you want to move to the 2015 Scheme with effect from 1 April 2015 then you need to take action. Please complete the form enclosed with your letter and send it back to us using the envelope provided. NHS Pensions must receive your decision by Wednesday 30 September 2015.
Declaration form copy
If you decide you do not want to move to the 2015 Scheme then you do not need to take any action.
If you wish to contact NHS Pensions about this exercise we have established a dedicated help line, 0300 123 1601, to answer any questions you might have. Our opening times are 8:00-18:00 Monday to Friday, calls are charged at local rates.
We have also provided an email account: email@example.com
Please include your full name, DOB, NI number and pensions reference number beginning SD (if known), address and postcode.
In this section you will find further help and support to help you prepare for the exercise.
Example copies of the letters:
Please access the slides and audio from the Option to Give Up Protection webinar held 26 May which covers:
- Who is affected by the exercise.
- How the exercise will be delivered.
- What you can do as an employer to support your staff with their decision.
If you wish to contact NHS Pensions about this exercise we have established a dedicated help line 0300 123 1701 to answer any questions you might have. Our opening times are 8:00-18:00 Monday to Friday, calls are charged at local rates.
We have also provided an email account: firstname.lastname@example.org