The Cost Of Your Pension Going Up Again!

One of the recommendations to come out of Lord Hutton’s review of public service pension provision was that of increasing the cost of the pension to the individual. This has affected the NHS pension scheme by causing a further increase to the superannuation rates.

As from April 2012, subject to revision after the end of the ‘consultation’, the revised pension scheme rates are as follows

Annual Pay

Current Contribution

From April 2012

% Increase

£15,001 - £21,175

5.0%

5.6%

0.6%

£21,176 - £26,557

6.5%

7.1%

0.6%

£26,558 - £48,982

6.5%

7.7%

1.2%

£48,983 - £69,931

6.5%

8.5%

2.0%

£69,932 - £110,273

7.5%

9.8%

2.3%

Over £110,273

8.5%

10.9%

2.4%

However, this is not the end of it, there are more increases to follow from April 2013 but these are less clear at this stage.