14 / 5 / 2015 11.30am
The option to give up protection exercise will give members of the 2008 section of the NHS Pension Scheme, with full or tapered protection, a one-off opportunity to move their membership to the 2015 Scheme with effect from 1 April 2015. This is because, for some members, the higher accrual rate in the 2015 Scheme could deliver a bigger pension than the 2008 section.
The exercise will affect approximately 40,000 eligible members and is scheduled to take place from June 2015.
NHS Pensions will send letters to the home addresses of eligible members who will then have 3 months to make their decision. It is envisaged that members will notify NHS Pensions of their decision on line or by ordering a hard copy form.
As an employer, you will need to ensure that your teams are aware of the exercise and that you can support staff by directing them to the additional resources available on the NHS Pensions website.
You can find more information on our option to give up protection webpage.