12 Oct 2004
The NHS Pension Scheme review partners have today released the findings of an extensive research project carried out over the summer to establish the views and opinions of NHS employees in England and Wales regarding the NHS Pension Scheme and retirement planning.
The results of the research carried out by Mercer HR Consulting gives direction to the review which has a stated aim of ensuring the Scheme meets the needs of a modern NHS and its staff, by making benefits more appropriate for today's workforce.
David Jordison, chair of the review said, "I believe the results of the research give weight to the work of the review. The report reinforces our belief that, although there is a high level of satisfaction with the NHS Pension Scheme, there is a desire to increase pensions savings and a high level of interest in greater flexibility in how people are able to take their pension, perhaps combining this with continued working. However, the report also highlights areas of obvious concern around communication, understanding and retirement planning."
Eddie Saville, chair of the staff side believes the research was a worthwhile activity, "I feel confident that the review partners will take into account in the final consultations the views that have been expressed by the NHS workforce."
Key findings of the report show:
? 96% of the survey population are currently members of the NHS Pension Scheme
? 70% of respondents were satisfied with the NHS Pension Scheme
? The NHS Pension Scheme is a big influence on employee retention
? Only 4 in 10 NHS employees have a reasonably good understanding of what the Pension Scheme offers them
? Only 40% of the total sample are confident that they are doing enough now to financially prepare for their retirement
? The NHS Pension Scheme is expected to be the most important source of income for 54% of NHS employees
? 51% of current and former scheme members do not know what proportion of their final salary they will receive as a monthly pension income
? The closer people get to retirement age, the more likely they are to develop a clear expectation about their retirement age and the more likely they are to plan for a later age of retirement
? 28% plan to retire beyond age 60 and 21% do not know what age they will retire. 37% of the sample indicate that they plan to work beyond the age at which they are eligible to retire
? 63% of current and former scheme members are interested in the option of increasing their main monthly contribution to give them the benefit of building up their pension more quickly
? 67% of the total sample is interested in an option for stepping-down into retirement and 62% of the total sample are interested in an option for returning to work after retirement
ENDS
1. The NHS Confederation, in partnership with key stakeholders including NHS trade unions, the Department of Health, the National Assembly of Wales and the NHS Pensions Agency, are leading a review of the NHS pension scheme in England and Wales.
2. The NHS Confederation represents the organisations that make up the NHS. Members include the majority of NHS trusts, primary care trusts and strategic health authorities in England; trusts and local health boards in Wales; trusts and NHS boards in Scotland; and health and social services trusts and boards in Northern Ireland.
For a copy of the research report contact Chris Atkinson on 0207 959 7240 or at chris.atkinson@nhsconfed.org
Last reviewed 3 Nov 2006