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FCS Pension Briefing 11 - OTGUP and spreadsheet

04/08/2015 17:03:43

The Option to Give Up Protection, OTGUP, exercise started for the fairly small number of eligible 2008 Pension Scheme members in England and Wales with the distribution of personal letters at the end of June. Members in Scotland will be contacted later in the year. This latest in the series of FCS pensions briefings indicates who might benefit from taking the OTGUP option and what factors should be taken into account.

pdf Image FCS Briefing - Updates - OTGUP

The 2015 NHS Pension Scheme calculates an addition to your pension pot each year determined by that year's pensionable pay and, each April, an "Indexed adjustment" currently determined as CPI+1.5%. This means that predicting your pension depends on multiple factors:

1. Your career and pay progression
2. When you intend to retire
3. Cost of living pay increases
4. The CPI inflation index.

 

All that means it is difficult to make accurate predictions.

 

 

 

To help members make more informed guesses about the build up of their pension pot FCS has produced a modelling spreadsheet where, as time goes by, you can enter your actual or model projected changes to pay, model the effect of different percentage cost of living increases or the effect of different levels of CPI. We have done our best to check the arithmetic but the spreadsheet should not be used as a substitute for a formal estimate of your pension benefit from NHSBSA when you need one.

This spreadsheet can be viewed in the Documents section of the Members' area of the ACB website.

If you have any comments about the spreadsheet or any specific questions (noting that neither the ACB nor FCS is regulated to give personal financial advice) contact FCS via the 'Contact Us' link at the top of this page.

 

 

Past and future briefings are published on the 'Pay and Conditions' page within the FCS section of the website. This page is only accessible by ACB members and will therefore only become visible once you have logged into the website. The route to the page is as below:

What We Do - Trade Union Support - Pay and Conditions of Service

 

 

Federation of Clinical Scientists: Mr Geoff Lester - NHS Staff Council and Pensions Governance Group representative

(This page is maintained by the ACB Publications & Communications Committee)


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