Two-week deadline for NHS pension choice, GPs warned

GPs have until March 15 to decide whether to move money accrued under old NHS pension arrangements into a different section of the scheme as pension reforms take effect from April.

Dr David Bailey: NHS pensions choice (Photo: Ray Farley)
Dr David Bailey: NHS pensions choice (Photo: Ray Farley)

The decision, dubbed 'Choice 2' involves GPs choosing whether to move accrued benefits from the 1995 section of the scheme into the 2008 deal.

GPs need to think now about their Choice 2 decision as the closure of the 1995/2008 NHS pension scheme approaches.

Deputy BMA pensions committee chairman Dr David Bailey said GPs affected should take individual advice, but many will benefit from moving their funds into the newer scheme.

GP pension protection

The 1995/2008 scheme will become closed on 31 March 2015. All new members or members without protection will move into the 2015 NHS scheme on 1 April. 

Members with full or tapered protection will remain in the 1995/2008 Scheme until they retire or reach their transition date.  

Anyone who was under 50 in 2012 but who began working before the 2008 scheme began, is being contacted by the pension administrators and asked to submit their decision and should ‘think seriously about whether they want to move that money’, said Dr Bailey.

‘For people who've still got some accrual in the 1995 scheme, if they are going to work to 65, they need to think very seriously about whether they transfer the accrued pension into the 2008 scheme,' he said.

‘For the majority of them  they will probably benefit, because that doesn't accrue any more if you keep it in the 1995 scheme after the age of 60, so it doesn't work as hard for you.’

Dr Bailey added that GPs should seek individual advice on their pension and see the information on the BMA’s website.

Click here to access BMA pensions advice

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