NHS Pensions - I'm Alright Jack! But are you?

Despite a 'once in a generation' renegotiation of pensions in 2008 HMG have reneged on the agreement. Contributions are due to increase by 240% since 2007. The protection of those within 10 years is very limited in scope.

Examples from the BMA ready reckoner assuming retirement at 60, live until 80 (good luck everyone!) the benefit will be based on current age:

35 years = £359,264 less
44 years = £294,426 less
52 years = £215,775 less
60 years = £156,430 less

Not one extra penny from those savings will go to the scheme. As the Public Accounts Committee (cross party) said in May of this year, the NHS scheme provided 'substantial public savings' and is 'sustainable well in to the future'. Total cost of the combined public sector pensions are due to fall from only 1.9% of GDP now to 1.4% by 2060, even if no changes are made to the current schemes.

Finally the government are in negotiation with the private sector regarding the take over of many more hospitals (like Circle and Hinchinbrook). The major stumbling block is said to be national T&Cs and pensions. Yesterday's autumn statement announcement was the attempt to abandon national T&C's/pay. If we do not support pensions and national bargaining then sadly this will represent the green light for the destruction of the NHS. Even if you care little for your own financial future maybe you still have some belief in the NHS.

I'm obviously happy to receive comments, keep them clean! Also happy to give talks at Medical Staff Committees etc. anywhere in the region.