NHS final salary pensions

I have 3 final salary pensions from 3 employments.

2 are from "funded" university schemes, and are likely for the foreseeable future to remain as final salary, CETV's of c. £6K and c. £20K.

the third, at £30K is an NHS pension scheme, which is a "non-funded" public purse final salary scheme. I am still under the old rules, which means it really is final salary but we are all being heavily "encouraged" to move over to the new scheme which isn't really final salary, and I have zero faith that by the time I retire (I'm late thirties - so at current rates of change I'll be retiring in my 70's) there will be any final salary component to it at all.

which is very depressing as the better pension was one of the reasons I chose the career I did with its relatively poor pay compared to private sector. bugger.

I understand this is not concrete but should/can the known implications of the change in pension scheme rules be taken into account when splitting the matrimonial pot?

Hi,

I see no reason why you couldn't try to argue your point in some respect.

The problem you have is that the settlement is based on the pensions position now and that is what each cash equivalent transfer value captures.

And, as these changes might not come to pass and (based on my understanding of the NHS scheme you do not have to move across to the new arrangement unless you want to) it would be difficult to factor this in to the negotiations in any meaningful way.

Sorry to be negative but I would focus on achieving the best settlement you can based on what you know now.

Regards

Phil

Hi, thanks for the info, it's not negative, just realistic!

I got a CETV calculation prior to the changes from RPI to CPI (or the other way round. I'm 30 years away from retirement, do I need to get a new valuation or is it not worth the £350 I'd have to pay to get a second one within 12 months?

Hi,

That is a really good question. As the calculation method has changed I would say it would be best to request another one.

You could negotiate based on the CETV you have and accept that the value is not correct. This will affect any outcome but especially if the pension is shared as the CETV will definitely be recalculated at implementation stage.

I would try to argue with the NHS that because the change in legislation was beyond your control you have been forced to get another one. See what they say.

Regards

Phil