New NHS pension changes announced – reaction from Wesleyan

by | Feb 26, 2024

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New NHS Pension Scheme changes have been announced, which include permanently scrapping ‘abatement’ rules that affect medical professionals who retire and come back to work and confirming NHS Pension Contribution rates that will apply from April 2024.

Commenting on these changes to the NHS pension, Alec Collie, Head of Medical at Wesleyan Financial Services, said: “This response provides much-welcomed clarity about a number of key NHS Pension Scheme changes.  

“The decision to scrap abatement for special classes is another step forward in creating a pension framework that supports – rather than penalises or discourages – hardworking medical professionals. It was only ever a barrier for those who wanted to bring their skills back into the NHS after retirement, and one no one will be sad to see it go.

“It also confirms next steps in ongoing reform of pension contributions. The rates that will apply from 1 April 2024 are now set in stone, which will allow all members to plan with more certainty.

 
 

“We also now know that contribution tiers will be indexed to rise with CPI each year – a feature shared by other public sector pension schemes, including the Teachers’ Pension Scheme – unless the Agenda for Change (AfC) pay award is higher. Together, this should help limit the number of clinicians who unintentionally receive a reduction in take-home pay as a result of receiving a pay award.”

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