2015 Scheme

The Basics

On 1st April 2015 a brand new scheme for England and Wales was launched.  This is a new scheme and not another ‘section’ of the previous NHS scheme such as the ‘1995 section’ and ‘2008 section’. This Scheme has different approach to how your pension is calculated and when you can claim it.

So what are the main changes:

 1995 Section2008 SectionThe New 2015 Scheme
The Means of Calculation – has changed!Final Salary – Best 12 months in last 3 yearsFinal Salary – Best 3yr avg in last 10 yearsCareer Averaged Re-Valued Earnings
Normal Pension Age – has changed60 (55)65Linked To State Pension Age
Pension Accrual Rate – has changed80ths60ths54ths
Lump Sum3/80thsCommutationCommutation
Death In Service *2 x final years membership2 x reckonable pay2 x reckonable earnings in last 10 years
Ways to top-up Your PensionAdded Years – closed 31/3/09 APP, AVC’sAPP,

* There are other factors to consider for DIS along with widows and dependants benefits, depending upon your status at the date of death. Please ask us for more details on this.

To see how this scheme will affect you please contact one of our advisors at PSS and we will be happy to talk to you through the implications


 APP – Additional Pension Purchase

AVC’s – Additional Voluntary Contributions

ERRBO – Early Retirement Reduction Buy Out

DIS – Death in Service