Pension services for NHS trusts

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.

How can First Actuarial help?

We work with NHS employers and their staff to help them understand and value the benefits that the NHS Pension Scheme provides.

Our Financial Wellbeing team combines specialist pensions knowledge with excellent interpersonal skills to help explain the NHS Pension Scheme in everyday language.

We can help set up a Financial Wellbeing programme that can be tailored to deliver the support and information your employees need within a budget you’re comfortable with.

Within that programme, you can choose from a number of services:

Training sessions – For staff in HR and finance teams
Group presentations – Simplifying the NHS Pension Scheme for staff, and explaining specific issues such as pension tax allowances to those affected
One-to-one sessions – for staff who need guidance on their own circumstances.

Why choose First Actuarial?

First Actuarial is a leading independent provider of financial wellbeing services to UK employers. We help people understand their pensions and take responsibility for their savings and money issues.

As actuaries, we understand money and how to crunch numbers. And as consultants, we’re great communicators. Years of experience delivering financial wellbeing training have given our team the skills to explain complex issues simply and clearly.

In our role as independent actuarial advisers to the NHS Pension Scheme Advisory Board, we have amassed considerable knowledge. This is reflected in our published research into the impact of pensions tax in the NHS.

With our grasp of the complexities of the NHS Pension Scheme and its benefits, we can address any issues employees raise – we don’t avoid the difficult bits.

We are independent. We have no vested interest in the decisions individuals make as a result of our sessions. And we are completely transparent with fees – where possible, we charge on a fixed-fee basis.

First Actuarial case studies

Aster Group

Housing association Aster Group extended its financial wellbeing programme and brought in First Actuarial to deliver a bespoke Retirement Planner, with supporting webinars and one-to-one sessions.

"People love the one-to-ones and are grateful for them. It’s a valuable offering that would otherwise cost them hundreds of pounds. People recognise it as a real benefit."

Royal Mail

The Communication Workers Union (CWU) enlisted the help of First Actuarial when Royal Mail proposed replacing its Defined Benefit pension fund with individual Defined Contribution arrangements.

“I can’t speak highly enough about First Actuarial – their people have been brilliant. The journey has been inspirational, nothing but a positive experience.”

Usdaw

A market review unexpectedly resulted in a change of provider when trade union Usdaw went out to tender for actuarial, administration and investment services. The selection process revealed scope for improvement in existing administration practices, and Usdaw chose First Actuarial...

First Actuarial’s administration team offered the potential of a transformed service, and swung the selection of an administration, actuarial and investment provider in favour of First Actuarial.

First Actuarial

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Defined Benefit

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CDC

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