A new analysis of NHS Business Services Authority data by Quilter reveals that 209,553 NHS pension scheme members are losing out on their pension payments due to unawareness of recent changes.
Since 1 April 2022, all active members were moved from the old NHS pension scheme (1995/2008 final salary) to the new 2015 scheme. Despite a final salary link that benefits from future pay increases, the 1995 scheme does not enhance pensions for late retirement.
Additionally, changes in April 2023 allow 1995 scheme members to take their pensions and continue working in the NHS, accruing new benefits in the 2015 scheme.
However, many NHS pension scheme members are unaware and risk losing pension payments if they don’t claim them at the normal pension age, as these payments are not backdated.
Please get in touch if you are believe you may have missed out on your NHS pension scheme payments.