From 1 October, contribution rates to the NHS Scotland Pension Scheme will change.The changes are necessary because current rates are not meeting the requirement that total contributions should be 9.8% of pay, set by HM Treasury.
This September marks 21 years since the Scottish Public Pensions Agency (SPPA) moved to its Tweedbank base. The Agency administers pensions for over 600,000 public sector workers and is one of the largest employers in the Borders, with more than 300 staff, many of whom have been with the organisation since its move to Tweedbank. This includes Jason Grainger, who joined the Agency as a Pension Administrator in 2002.
From 1 October, changes to the pension scheme will make it possible for all NHS members to take partial retirement. Members who are in the 1995 section will now be able to take their pension and work flexibly. This is already open to members of the 2008 and 2015 sections of the scheme. Members will also be able to take more of their pension when they partially retire. From normal minimum pension age, which is 55 for most members, they will be able to take between 20% to 100% of all their pension benefits, without leaving their current job.
We are launching pilot webinar series for members planning to retire in the next 12 months. Our ‘Ready for Retirement’ webinars are available for NHS, Teachers and Fire scheme members. For Police scheme members, we will contribute to the existing pre-retirement seminars provided by Police Scotland.
We’re setting out our priorities and plans for the 2023/24 year in our Annual Business Plan.
In the latest UK Government budget on 15 March the Chancellor announced that the Lifetime Allowance will be abolished the Annual Allowance will increase from £40,000 to £60,000. These changes will come into effect on 6 April 2023.
The increase to your pension will be 10.1%, which will be applied to your pension from 10 April 2023
We are proud that our colleagues have chosen to support Children’s Hospices Across Scotland (CHAS) as our charity partner for 2023.
The SPPA is pleased to advise that a retirement calculator for the McCloud/Sargeant and 2015 Remedy is available for use on our website.Who is affected by McCloud/Sargeant and the 2015 RemedyIf you joined a public sector pension scheme on or before 31 March 2012 and you were still a member on or after 1 April 2015, and had continuous service you will be eligible for the 2015 Remedy. This includes members who left but returned within 5 years to the same or another public service pension scheme.
The Scottish Public Pensions Agency (SPPA) today announced the intention to award a contract to Heywood Pension Technologies (HPT) for the supply of a new integrated pensions IT system, subject to a mandatory standstill period. Chief Executive David Robb said: