When the NHS changed the pension scheme in 2015, many members made decisions based on how they thought the reforms would affect them.
Some people opted out, some reduced their contributions, and others stopped paying in altogether because they believed the new scheme offered less value.
These choices are called contingent decisions. They are actions (or inactions) that were influenced by the 2015 pension reforms — decisions that might have been different if members had known they would later be placed back into the 1995/2008 Scheme for the period 1 April 2015 to 31 March 2022.
Now, because of the McCloud remedy, you have the chance to:
This is an important opportunity to make sure your pension accurately reflects what you would have chosen if the changes in 2015 had been clearer at the time.
Our Contingent Decision Support Service helps you understand whether you can buy back pensionable service from 2015–2022 or reinstate Added Years / Added Pension that were removed because of the McCloud changes. Here’s how we help you:
Complete Buy Back Service Application and send it to NHSBSA. If you’re eligible, you may decide to purchase Added Years, then you would need to submit the relevant NHS Added Years application form.
Once you register for our service, we will set a client portal and guide you through the process. We will need to retrieve certain documents like your pensionable pay statements and your Buy Back Quote from NHSBSA
We’ll analyse your future pension, value for money of buying back service, and tax impact (including Annual Allowance), then give you a clear report on the financial and tax effects of reinstating service. Reinstating service may trigger a new RPSS and reassessment of your Annual Allowance, and we’ll highlight any extra tax costs and where these may be covered by the NHS Claim-Back scheme.
Book a consultation with our specialist, who will talk you through your personalised assessment and help you make a confident, informed decision. We’ll also clarify the impact on your wider plans, your Annual Allowance position, and any potential tax claims or refunds, so you know exactly what to do next.
NHS Pensions can be confusing, and the impact of past decisions isn’t always easy to understand from the paperwork alone.
At Wealth Genius, we help you work out the real cost and benefit of buying back your pension, so you can make informed decisions and avoid expensive mistakes.
If you think you may be affected by McCloud, book a consultation with our NHS expert.
This service gives you analytical and administrative support.
It is not regulated
financial advice.
If you’d like us to help you complete the forms and guide you through the application stages, this comes with an extra fee of £250 + VAT
The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.
