Sounds like the start of a bad joke, doesn’t it?! Nigel leaving me to fend for myself at the gala dinner, that was a joke. Actually no, it was not, everyone was very lovely and accommodating.
Most of the dinner chat centred around the two pension workshops which I ran earlier in the afternoon. These were to reinforce the McCloud remedy changes that came into effect on 1 April 2022. It is clear that there are still some large knowledge gaps in this area and members of the NHS Pension Scheme are not aware or clear of how these changes will impact on them. Most disturbing was that this was a conference for finance personnel, with roles ranging from payroll and finance assistants to finance directors and senior decision makers.
Very few were aware of the change in contribution percentages for the NHS Pension Scheme – phase 1 of which applies from October 2022. Why should I be disturbed about this?
- Finance and payroll teams are responsible for implementing these changes, so it’s important they are aware and can plan. NHS Pensions have now released an implementation document which talk about how these changes will be phased in. This can be accessed here
- Contribution rates are changing – some decreasing, some increasing. And the way in which contributions are calculated for part time workers is changing. Staff need to be aware.
- For those struggling with the rising costs of living, an increase in pension contributions may seem like a non-essential expense. It’s important the impact of these changes is communicated and managed effectively to avoid ill informed decisions which could have ramifications in later life.
In raising these issues at the conference and over dinner, we hope that NHS trusts will share the details amongst their workforce, generate greater awareness and encourage positive decision making. So having dinner by myself will have been worthwhile!
