Central government pensions

There are a number of pension schemes which operate within the central government sector in England and Wales.

The largest schemes are:

•
the NHS Pension Scheme
•
the Teachers’ Pension Scheme
•
the Principal Civil Service Pension Scheme

All three schemes are unfunded statutory public service pension schemes.

In addition to the three largest schemes, there are also a range of other schemes operating within the sector, including:

•
the Armed Forces Pension Scheme
•
the Police Pension Scheme
•
the Parliamentary Contributory Pension Fund for MPs

For information on public sector pension schemes in Scotland, see Practice Note: Public sector pension schemes in England and Scotland—key differences.

The NHS Pension Scheme

The NHS Pension Scheme (NHSPS) is a multi-employer, unfunded, defined benefit (DB) public service occupational pension scheme for employees of the NHS in England and Wales. The scheme rules are set and amended by statutory instrument.

The NHSPS was reformed over time and different rules apply to members depending on when they joined.

Members who joined the NHSPS before 1 April 2008 participated in the ‘1995 section’ which provides final salary

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

TAKE A FREE TRIAL

Latest Pensions News

Nearly 80% of trustees plan to access pension surplus

Law360: More than three-quarters of retirement savings plan trustees have said they are planning to use new powers floated by the government that will allow them to distribute surpluses tied up in their schemes, XPS Group, a consultancy, has said.

TPR urges industry to adapt and evolve to unlock transformational opportunities of Pension Schemes Bill

The Pensions Regulator (TPR) has published a blog post by chief executive Nausicaa Delfas outlining the expected impact of the Pension Schemes Bill, how TPR is addressing unfinished business in the pensions system and why the pensions industry must increase its standards even more. To support implementation, TPR has launched an innovation support service to encourage early engagement with new ideas and reduce regulatory barriers. It is also developing a new trusteeship strategy focused on raising professional standards in line with other professions and corporate governance standards, with an emphasis on accountability, agility, and data-led decision-making. Delfas urged trustees, advisers, and administrators to adapt, evolve and collaborate to ensure the reforms deliver lasting benefits for savers across the UK.