The NHS Pension Scheme is a key part of the total reward package that NHS trusts use to attract and retain staff.
However, the impact of pension tax allowances – including the Annual Allowance – on consultants and senior clinicians has heightened pension anxieties in the workforce. And beneath this headline issue lie other worries, such as the court ruling on age discrimination around the change to career average benefits and changes to the State Pension Age. NHS employees at every level need guidance on these uncertainties.
Many employees find pensions confusing, and this can undermine the immense value of the NHS Pension Scheme in recruiting and retaining the best employees. With an employer contribution rate of over 20%, it’s essential that HR and finance teams communicate the value of the Scheme and clarify any misunderstandings.