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:

  1. the NHS Pension Scheme

  2. the Teachers’ Pension Scheme

  3. 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:

  1. the Armed Forces Pension Scheme

  2. the Police Pension Scheme

  3. 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

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Latest Pensions News

Minister for Pensions hosts roundtable on ‘Pound for Pound’ initiative in shift from cost to Value for Money

The Minister for Pensions, Torsten Bell MP, has hosted a roundtable with regulators and leading pension providers to support a joined-up approach to Value for Money (VFM) in pensions. The event marked the first public discussion of the ‘Pound for Pound’ (‘£4£’) initiative, aimed at shifting the UK market from cost-based comparisons to broader value-based metrics, shifting market conversations away from cost towards value. This shift is essential for the success of the government’s proposed approach set out in the Pension Schemes Bill 2025. Insights from Australia’s superannuation system were central to the session, highlighting how clear benchmarking, transparency and regulatory oversight have transformed both member outcomes and the understanding of value in Australia. Intended to inform the impending regulatory consultation on VFM metrics, the superannuation system formed a key reference point as the discussion explored how lessons from Australia and insights from providers could shape regulatory thinking and support the development of the Pension Schemes Bill. Roundtable participants including the Department for Work and Pension, the Financial Conduct Authority, Pensions UK and a number of the Mansion House Accord signatories, agreed that now is the time for government, regulators and industry to collaborate in shaping and embedding a robust, fit-for-purpose VFM regime.

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