Beware the NHS pension annualisation booby trap

24th January 2018 by Sara Chambers

Beware the NHS pension annualisation booby trap

ARCHIVE | Since this article was published on 24 January 2018, the situation regarding the legitimacy and application of annualisation has moved on.

Nestled within the 2015 NHS pension scheme for England and Wales (officially named 2015 Career Average Revalued Earnings, or CARE (!)) was the new concept of annualisation of income to determine the employee’s pension contribution tier. Annualisation was not widely publicised or understood by GPs at the time. But now there is growing alarm as its implications become clearer.

GPs in meeting the following criteria will be part of the 2015 scheme

  • already a pension scheme member on 1 April 2012 with a birthday falling on or after 1 October 1965
  • joined the pension scheme since 1 April 2012
  • re-joined the pension scheme since 1 April 2012 after a break of more than 5 years.

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