Introduction
We know that as the cost of living rises, some of our staff will have financial worry & will be struggling. To support you during these difficult times, we have pulled together a wide range of resources, ranging from saving schemes, support lines and discounts.
Whether it’s paying off debt, saving for a first home, paying for childcare or planning for retirement, there are different financial priorities at every stage of life. Personal finances can also be very complex.
If you have any questions or would like more support please contact sath.ahealthieryou@ nhs.net.
The products are stored in the ladies toilet at the Education Centre at PRH and the ladies toilet in SERII at RSH. They are also available in the unisex toilets at both RSH and PRH by the Chaplains Office
Colleagues please go and help yourself to them if you are in need For further information, please contact sath.ahealthieryou@nhs.net
Financial Wellbeing
Financial wellbeing is how people feel about the control they have over their financial future - and their relationship with money. It’s about focusing on the things that make their life enjoyable and meaningful, both now and in retirement.
Being financially well, isn’t the same as being wealthy. It’s about being able to budget properly, manage debts, save for the future and absorb unexpected costs. Having the knowledge to make informed financial decisions and understanding when and how to seek advice is key.
What does financially healthy look like?
• Being able to budget properly
• Manage debts
• Save for the future
• Contribute to a pension
• Absorb unexpected costs
• Having the knowledge to make informed financial decisions and understanding when and how to seek advice
• Being free from financial stress and worry
Why is it important that we are financially healthy?
• Mental Health – poor financial wellbeing is linked with higher levels of stress, anxiety and depression
• Sleep – 19% of employees report having lost sleep over their finances
• Concentration – 10% of employees reporting finding it hard to concentrate or make decisions
NHS Financial Support
0800 448 0826 - NHS staff can call this support line, provided by the MoneyHelper Service, for free & impartial money guidance. Monday to Friday, 8am to 6pm.
More tools and resources from the MoneyHelper Service are available here
Webchat
Add +44 7701 342 744 to your WhatsApp and send the MoneyHelper Service’s national support team a message for help with sorting out your debts, credit questions and pensions guidance.
Chat to one of the MoneyHelper Service team via their online portal.
Who can I speak to if I have extreme financial concerns and unsure where to go to?
Dealing with money issues can sometimes be off-putting, however there is support out there for you to help make the right choices, including help to deal with your debt problems, how to avoid losing your home and how to get your finances back into shape.
Citizens Advice can help with the following topics:
Help with the Cost of Living Help with Debt Using a Food Bank Borrowing Money Debt Solutions Debt and Money Search Budgeting Banking Mortgage Problems Rent Arrears Action your creditor can take Getting Financial Advice
Gambling Problems Tax Advice Pensions
Citizen’s Advice can be contacted via:
• Debt helpline - it’s available 9am to 8pm Monday to Friday and 9.30am to 1pm Saturday
• Debt helpline: 0800 240 4420
• Relay UK - if you can’t hear or speak on the phone, you can type what you want to say: 18001 then 0800 240 4420
• Calls are free from mobiles and landlines.
Financial Support for Staff
Debt Management Support
Debt Advice Locator Tool
• If you’re struggling with debt, it can be hard to know where to turn. But with lots of free national and local advice service available across the UK, you can use this tool to find help in a way that’s best for you. Click here.
Step Change
• Provides free advice and practical solutions on debt and how it affects you. Click here.
The Debt Advice Foundation
• A registered national debt advice and education charity offering free, confidential support and advice to anyone worried about loans, credit and debt. Click here.
Financial Education Workshops
NHS England and NHS Improvement (NHSEI) has partnered with Money and Pension Service (MaPS) to provide a mini series of free financial webinars to all NHS Staff.
You can watch the sessions here:
Week 1: Maximising your money – hints, tips and tools
Week 2: Hidden Figures – Talking about money in difficult circumstances
Week 3: Mastering your Money & Creating Healthy Habits
Week 4: Saving for goals, financial independence and your wellbeing
Financial Plans
Couch to Financial Fitness
Would you like to feel more in control of your finances? Try their free and flexible ten-week plan to help you build your confidence to manage your money. Develop core saving muscles, and create better habits for a long-term cash confident future. Click here.
Financial Advice Experts
MyEva
A digital financial expert, here to help you with all money-related matters. From building up savings, finding the right mortgage, pensions savings, and more. It helps you prioritise your bills, plan for the unexpected and get on track for a healthy financial future. Click here.
Barclays Bank
Offer financial planning on topics below. Click here.
- Student Finance
- Choosing a financial advisor
- Planning younger for a better retirement
- Retirement plans
- Five reasons to write a will
- Life after work
Budget Planning Guidance
Money Charity
• Aims to help people to better manage their money. Click here.
Budget Planner Tool
• This free Budget Planner puts you in control of your household spending and analyses your results to help you take control of your money. It’s already helped hundreds of thousands of people. Click here.
Budget Calculator
• Care First provide a Budgeting calculator:
Username: sath
Password: employee Click here.
Substance Misuse and Gambling Support
The cost-of-living can place great strain on the psychological wellbeing of our people, which could lead to substance misuse and gambling. Many people are unaware they have a problem and if this continues or worsens it can have a devastating consequence on individuals and families, affecting all aspects of life including relationship, health, work and self esteem.
Unfortunately, this is not a long-term solution, as the situation causing those feelings is unresolved. If you, or anyone you work with, is experiencing this please be aware that support is available from the Staff Psychology Service to help you cope with any feelings or distress caused by work. You can contact us on: sath.staffpsychology@nhs.net and someone will be in contact with you.
Substance Misuse Resources
Frank Helpline for anyone concerned about drug or solvent misuse. Advice and information for drug misusers, their families, friends, carers.
(Formerly known as the National Drugs Helpline).
Website: www.talktofrank.com Helpline: 0300 123 6600 (24Hr) SMS: 82111
Live chat via website
Email support
Find a Frank support near you
Release
Free and confidential drugs helpline that also provides free legal advice on drug issues for people who use drugs and their families.
Website: www.release.org.uk/
Helpline: 0207 324 2989
Email: ask@release.og.uk
Addaction
Addaction provide a free, confidential webchat service to those in need of addiction support or for their families.
Website: https://www.addaction.org.uk/ Webchat: www.addaction.org.uk/webchat
Families Anonymous
Telephone helpline and other support services for families and friends of drug users. Throughout UK there are around 50 groups offering help and support to members via a 12 step programme.
Website: www.famanon.org.uk
Helpline: 020 7498 4680
DrugFam
Phone and email support for families, friends and partners affected by someone else’s drug or alcohol use.
Website: https://www.drugfam.co.uk/ Helpline: 0300 888 3853
Email: office@drugfam.co.uk
Gambling Resources
Gamblers Anonymous
Gamblers Anonymous is a fellowship of men and women who share their experience with each other to solve common problems. Aids
including a forum, a chat room, literature and a meeting finder (meetings take place every day of the week across England and Wales).
Helpline: 0330 094 0322
Website: www.gamblersanonymous.org.uk/
GamCare is a charity dedicated to helping problem gamblers and their families and friends;
• GamCare operates the National Gambling Helpline (free and confidential), providing information, advice and support for anyone affected by gambling harms (including gamblers as well as family and friends who are impacted). Advisers are available 24 hours a day on Freephone 0808 8020 133 or via web chat at www. gamcare.org.uk.
• GamCare also offer a range of free treatment services (online and over the phone for now), as well as a moderated Forum and daily chatrooms so that people can speak to others experiencing similar issues and seek support. See www. gamcare.org.uk/get-support for more information.
• GamCare has developed a self-assessment tool that can help people find out more about their gambling behaviour and how it impacts on their life. Answering a series of statements will then provide people with a breakdown of how gambling affects their life, including time spent gambling, stakes risked, finances and relationships. For further information, visit the GamCare website.
NHS https://www.nhs.uk/live-well/healthy-body/ gambling-addiction/
Financial Support Webinars
To book onto any of these click here.
Planning for Retirement:
Monday, 10 February 2025 09:30 12:00
- MS Teams Tuesday, 01 April 2025 13:00 15:30 Online - MS Teams Wednesday, 04 June 2025 09:30 12:00 Online - MS Teams Thursday, 07 August 2025 13:00 15:30 Online - MS Teams Friday, 03 October 2025 09:30 12:00 Online - MS Teams Monday, 01 December 2025 13:00 15:30
Your Pension and the Public Service Remedy:
13 January 2025 10:00 11:30
11 March 2025 13:00 14:30
- MS Teams
- MS Teams Monday, 12 May 2025 09:30 11:00 Online - MS Teams Thursday, 10 July 2025 13:00 14:30 Online - MS Teams Friday, 12 September 2025 10:00 11:30 Online - MS Teams Tuesday, 18 November 2025 13:00 14:30
Taking Control of your Finances:
Understanding Pension Tax Allowance:
Date
Tuesday, 29 April 2025 10:00 11:30 Online - MS Teams
Wednesday, 15 October 2025 13:00 14:30 Online - MS Teams
NEW COURSE Taking Control of your Finances - 1.5 hours
This course is designed to help employees clearly identify the 4 steps towards becoming financially well, so that employees can be supported through working life and beyond. We will also provide information to help support employees to make informed financial decisions with confidence.
Retirement Course - 2.5 hours
Aimed at those who are still several years away from retirement to check that they are on track. The course covers areas such as tax efficiency, planning for retirement and understanding income options, maximising pension benefits and other savings, tax planning and how to seek further guidance and regulated financial advice.
Understanding your Pension Changes - 1.5
hours
This provides NHS employees with an overview of the key pension changes, retire and return options and the public sector age discrimination ruling, referred to as the McCloud remedy.
Understanding your Pension Tax Allowances - 1.5 hour
Designed to provide an overview of the key issues relating to the Annual Allowance to maximise available tax relief and avoid additional tax changes.
Energy and Money Saving Tips
This isn’t going to change the energy price increases but some of these could save you a little money that adds up over the course of a year.
• Wrap up warmer
• Install a smart meter
• Save water by setting a timer in the shower
• Look into Cavity wall insulation grants
• Only heat the rooms you are using, (for example if you live alone and don’t use two of the bedrooms turn of the heating/radiators in those rooms)
• Energy saving lightbulbs
• Only fill the kettle with as much water as you need
• Turn of lights when you leave the room
• Switch off plugs when not using
• Prioritise what you owe – if you have credit cards – can you transfer the balance? Look at MSE website: Money Saving Expert
• Have no spend days
• Cancel subscriptions you don’t need/use
• Cut back on small things for example – one coffee each day that costs £2.60 for each working day of the year (based on a five day working week) = a saving of over £580 per year!
• Sell unwanted items – facebook sellers, ebay, other websites
If you are struggling with paying your bills, get support, talk to someone, look at what is available for you, including food banks, warm home discount, winter fuel payments and other grants: Citizens Advice.
Severn Trent Affordability Scheme
From 1st September 2023, Severn Trent have ended their Severn Trent Trust Fund Grant, and instead replaced it with an expansion to their Big Difference Scheme, now called Big Difference Scheme Plus (BDS+).
How do you qualify for BDS+?
To qualify for BDS+ customers will need to:
1. Be eligible for the BDS scheme, more information on their affordability schemes can be found at https://www.stwater.co.uk/my-account/help-when-you-need-it/
2. Have arrears of £300.00 or more
3. Keep up with their monthly payment plan to receive a payment award of £60.00 annually on renewal of the scheme
What if customers don’t qualify for BDS, what support is available to them?
Severn Trent have a range of services available to help our customers pay their water bill. These include, applying for a water meter, reviewing their payment instalments or seeing if they are eligible for any other schemes e.g. WaterSure. More information can be found on their website at https://www.stwater.co.uk/my-account/help-when-you-need-it/
Will Severn Trent continue to offer debt advice?
Yes, they will still be offering income maximisation and debt advice through a new scheme called Customer Assistance Scheme. Customers will be able to apply for the new scheme via: https://www.stwater.co.uk/my-account/help-when-you-need-it/
Will Severn Trent continue to offer support with white goods?
Yes, they will continue to offer white goods via their Customer Assistance Scheme. For customers to be assessed for white goods, Severn Trent will need to understand theneed for income maximisation and debt advice. Post this conversation the team will identify if the customer requires support with the purchase of white goods.
More information on the schemes can be found at https://www.stwater.co.uk/my-account/ help-when-you-need-it/.
Key Worker Deposit Contribution Scheme
Key workers can be eligible for a contriution towards a depsoti on a brand new property with Barratt or David Wilson Homes.
When you purchase one of their brand new homes using the Key Worker Deposit Scheme, they could contribute £1,000 towards your deposit for every £20,000 spent on the purchase price.
In addition to the deposit contribution, you could also secure a flooring package for your new home when using the scheme.
Eligible people for the scheme must work in the following sectors:
• NHS
• Education
• Police Force
• Fire Service
• Local Authority
To see a full list of those eligible and for more information, click here
Local Food Banks
This is not an exhaustive list & further food banks can be found here.
Bridgnorth Food Bank
Number Seven, West Castle Street, Bridgnorth, Shropshire, WV16 4AB.
Open - Monday 10.30-12.30
07960 285520 - Website - Email
Craven Arms Community Food Bank
St Andrews Church, Market Street, Craven Arms, Shropshire, SY7 9NW.
Open - Tuesday 10am-12pm
07852310514
Market Drayton Food Bank
The Parish Rooms, Church Street, Market Drayton, TF9 1AF.
9:30-10:30 collection only service.
01630 654007 - Website - EmailFacebook
Church Stretton Food Bank
Parish Centre, Church Street, Church Stretton, SY6 6DQ.
Open - Friday 2.30-4pm. No referral needed.
07561 693870 - Website - Email
Ludlow Food Bank
Ludlow Baptist Church, Rockspring Community Centre, Sandford Road, Ludlow, Shropshire, SY8 1SX.
First Monday of the month, unless a bank holiday - 1pm – 2:30pm. Referral basis only
07896 706189 - Email - Website
Newport Food Bank
The Old Navy Club, Bellmans Yard, High Street, Newport TF10 7AJ.
Open - Friday 9:30 - 11:30am
Website - Email - Facebook
Oswestry & Borders Food Bank
56 Beatrice Street, Oswestry, Shropshire, SY11 1QW.
Open - Monday & Thursday 11-2.
0300 10 20 110 - Website - EmailFacebook
Telford Crisis Support Food Bank
Suite 1c Radford House, Stafford Park 7, Telford, TF3 3BQ
Open - Monday - Friday, 9am - 5pm.
07592 041666 and 01952 586646Website - Facebook - Email
Telford ‘NotJust a Food Bank’
Madeley Waste Warrior Store 4 Court Street, Madeley, TF7 5EB 07775 505434
Or
Madeley Baptist Church, TF7 5AQ
Holds a Saturday food share Book slots or walk in 11-12
Too Good to Go
Shrewsbury Food Bank (Barnabas Community Projects)
The Lantern, Meadow Farm Drive, Shrewsbury SY1 4NG.
Open - Monday (not bank holidays) 11am-12pm.
Barnabas Community Projects, Longden Coleham, Shrewsbury, SY3 7DN.
Open - Tuesday and Friday 9:30am –12pm and Wednesday 5-6:45 pm 07421 745857
Shifnal Food Bank
St Andrews Church, Church St, Shifnal TF11 9AB.
07562 384965 - Email
Whitchurch Food Bank
Bargates Hall, Church Street, Whitchurch, Shropshire, SY13 1LR.
Open - Tuesday and Friday, 09:30 - 11:30.
01948 663943 - Email
Every day, delicious, fresh food goes to waste at cafes, restaurants, hotels, shops and manufacturers - just because it hasn’t sold in time. The Too Good To Go app lets you buy and collect this food - at a great price - so it gets eaten instead of wasted. You won’t know exactly what’s in your order until you pick it up - it’s all part of the surprise. Customers have paid as little as £3 for a too good to go box and have received groceries worth £35! Download the app to get started. More info here.
Family Support
Family and Care:
Big money decisions often need to be made when looking after family members and partners, expecting a baby, or dealing with problems like illness, divorce or bereavement. MoneyHelper has easy to understand guides to help you.
To access support on the below, click here.
• Becoming a parent
• Death and Bereavement
• Divorce and separation
• Illness and Disability
• Student and graduate money
• Family and care
• Divorce and money calculator
• Baby costs calculator
Childcare:
Tax Efficient Childcare and Salary Sacrifice scheme for some nurseries: Click here.
Vouchers and Discounts
Discounted Travel: Cross site transport via Arriva - click here for more information.
Getting Help with Travelling to Work:
From fuel costs and insurance to repairs and maintenance, running a car can be very expensive. If you’re struggling to keep up with car related costs here is some information that may help.
Fuel Price Comparison Sites:
You can find the cheapest petrol and diesel prices nearest to you on the following websites: www.confused.com www.petrolprices.com www.gocompare.com
Costco Membership:
Costco Haydock offers membership to NHS staff (there is an annual fee) with the option to have an additional free family member card. The card gives you access to cheaper fuel at their own petrol station. Visit the website for membership details: https://www.costco.co.uk/ membership
MOTs:
If your car is in need of an MOT, you will find a useful guide to cheaper MOTs here: https:// www.moneysavingexpert.com/travel/cheap-mot/
Salary Sacrifice Schemes
• Car Scheme - NHS Fleet Solutions provides a cost-effective way to lease a brand new car via salary sacrifice. No credit checks or deposits required, with access to exclusive offers. Find out more and create your account here
Blue Light Card
Blue Light Card provides those in the NHS, emergency services, social care sector and armed forces with discounts online and in-store. Shop and save on the go at hundreds of high street retailers, restaurants and cinema with our handy mobile app! Personalised to each member, your Blue Light Card costs just £4.99 for 2-years access. Sign up here.
Health Service Discounts is an employee benefit provider for NHS employees and is also available to their families and retired healthcare staff. From holidays to car insurance, mobile phones to fashion we offer exclusive deals from top names like Jet2holidays, Clarks and Apple. It is FREE to join. Sign up here.
Alongside their incredible deals, they also offer a cashback card to their members. You can use the Health Service Discounts Ode Card online and in-store, as it operates exactly like a Visa Debit - but better! With the Ode card, you can earn up to 12% cashback when shopping at qualifying retailers.
Some more useful NHS discounts to be aware of include…
• Co-op Shops offer 10% off with when you have a co-op card and show your ID.
• Local Gym discounts can be found here.
• Even more local discounts can be found here.
• Find out what offers are available from businesses to help with the cost of living, including supermarkets, retail and utilities here
Just Credit Union
Shrewsbury & Telford Hospitals NHS Trust has teamed up with Just Credit Union to offer all staff access to a payroll deduction scheme. The scheme helps staff save and gives access to affordable loans when needed. Just Credit Union is Shropshire’s not for profit savings and loans cooperative owned by their members and run for their mutual benefit. They provide secure savings and ethical affordable loans. The money saved with them is what they lend to local people and as there are no shareholders all the money stays in the region helping the local economy and communities.
Payroll deduction makes it easier than ever to save. Staff can save as much or as little as they like. The money is taken out and sent to Just Credit Union before going into the bank account making it easier to save. Savers can get same day access to the savings when needed and all savings are fully protected by the Financial Services Compensation Scheme. Just Credit Union provide a full online service meaning staff can deal with their account at any time of day and when it suits them best.
Benefits of Payroll Saving:
• Easy and most convenient way to save
• Payment are taken out before the money goes into their bank account so savers don’t notice the difference
• Quick and easy access to savings
• Access to affordable loans up to £15,000 when needed
• Free loan protection insurance (conditions apply)
• Ability to apply online and securely sign documents digitally
• Access to Nivo Just Credit Union’s secure communication app
Retirement Help and Advice
Oak Tree Finance - Pre-Retirement Seminar
This seminar will help staff who are close to retirement age plan for their future once they have left work. The seminar will focus on a variety of different topics including:
• State pensions and allowance
• Investments and savings
• Insurance
• Wealth preservation
• Long term care
• Inheritance tax
To book on, please visit the training diary (go to Category: Health and Wellbeing).
Dunham McCarthy - Free Will Writing Service
Dunham McCarthy provide Will drafting services entirely free of charge to numerous public and private sector organisations.
There are no fees involved for the employer, employee or member, ordinarily the charge would be £199 to produce a Will, however under this offer, all fees are waived and there are no hidden costs.
Dunham McCarthy is a member of the ‘Institute of Professional Will Writer’s” and aim to encourage people to make their Will at a younger age. In order to achieve their aim, they are working with authorities, charities, NHS Trusts, schools and universities to offer staff or member benefits to employees, by providing an entirely free Will drafting service.
You can view the NHS brochure which gives details on the staff benefit by following NHS staff employee brochure.
More information on the service is available on their website: www.dunham-mccarthy.co.uk
To take the opportunity of the free Will Writing service please book your initial 30 minute telephone appointment by visiting the online booking service, or calling the head of office on 01785 336222.
Unison Support and Hardship Grants
There for You (UNISON Welfare)
Members experiencing financial and emotional difficulties can contact our welfare charity, There for You, which provides a confidential advice and support service for members and their dependants. Click here.
UNISON Financial Assistance
UNISON provides a one-off grant of £250 to help with essential expenses such as food and bills, general living costs, household appliances, urgent repairs, disability equipment and adaptations, utility bills and funeral costs. To be eligible to apply for financial assistance, you must have been a member of UNISON for at least four weeks and up to date with your subscriptions. Click here.
Cavell Nurses Trust
Cavell Nurses Trust is charity that supports UK nurses, midwives and healthcare assistants, both working and retired, when they’re suffering personal or financial hardship often due to illness, disability, older age and domestic abuse. One way Cavell Nurses Trust provides this support through one-off grants to relieve financial hardship and rapid emergency funding for those at great risk. Click here.
Harship Grants - Royal College of Nursing
Lamplight Support Service is a telephone advice and information service for nursing team members facing hardship. You may be eligible for a Lamplight Support Service hardship grant if you’re a current or former nurse, midwife, healthcare assistant and associate. In certain circumstances, we can help a nursing student. You don’t need to be a member of the Royal College of Nursing.
To book an appointment with a Lamplight Support Service advisor call:
RCN Members: Ring 0345 772 6100
Not an RCN Member: Ring 0345 772 6200
Lines are open 8:30am - 8:30pm, seven days a week
The Care Workers’ Charity
This charity has two grants; Crisis grants – live and in use throughout the year exclusive to health care workers. COVID-19 Emergency Fund grant which covers the following grants related to self-isolation, funeral costs or other unexpected costs. This extends to additional roles such as Cooks/Kitchen Assistants, Housekeepers or Domestic Workers, Maintenance staff, Drivers and Admin staff (Team Leaders/Supervisors and Personal Assistants). Click here.
Pension Advice
NHS Pensions Member Events
The NHS Pensions member events aim to help members understand everything you need to know about your NHS pension and how to navigate through the Scheme.
We have a number of events planned throughout the year:
• Understanding the NHS Pension Scheme and its benefits
• Your Total Rewards Statement and Annual Benefit Statement explained
• Your retirement options explained
You can find the links to register for 2022 events here.
Each webinar includes a presentation lasting approximately 40 mins followed by a Q&A session during which you can ask questions. The team may not be able to answer any queries relating to your individual member record but will be able to advise on how to get more information. There’s also an opportunity at the end of the sessions to give feedback on the event.
Contributions to the NHS Pension Scheme are Changing
In 2022, the Department of Health and Social Care (DHSC) proposed changes to the amount members pay for their NHS Pension benefits. NHS Pensions wrote to members at the time and explained that some changes would take effect on 1 October 2022, while others would happen later.
The DHSC launched a further public consultation in October 2023 to set out the proposals for the second phase of these changes to member contributions. In February this year, the DHSC confirmed that some of the proposed changes will go ahead on 1 April 2024. NHS Pensions are again writing to members to explain the changes with additional information that only effect some members.
Your
contribution
rate may change
The contribution rates for members and employers are reviewed regularly to make sure all members benefit fairly, and to help keep the pension scheme affordable for everyone. The following changes to contributions confirmed by DHSC are the second and final phase of reforms informed by the latest review.
Changes to the way contribution tiers are reviewed each year
Contribution tiers will be automatically reviewed in line with the % increase in the Consumer
Price Index (CPI) on 1 April every year, with the exception of the lowest tier. This rate already anticipates that members’ earnings in this tier may not be high enough to benefit from tax relief on their pension contributions. If the Agenda for Change pay award for England that is announced later in the year is higher than the increase in CPI, contribution tiers will be updated to reflect the higher pay award.
The table below shows the new contribution rates for each salary range.
Contribution rates for each salary range from 1 April 2024
Pensionable salary range
Contribution rates from 1 April 2024, based on actual annual pensionable pay
Up to £13,259 5.2%
£13,260 to £26,831 6.5%
£26,832 to £32,691 8.3%
£32,692 to £49,078 9.8%
£49,079 to £62,924 10.7%
£62,925 and above 12.5%
Employers will contribute more to your NHS pension
From 1 April 2024, the amount employers pay towards members’ pensions will go up from 20.6% to 23.7% of pensionable pay. The Trust will pay 14.38% and the government will make up the difference.
Changes that only affect some members
The Public Service Pensions Remedy – McCloud
On 1 April 2015, the government made changes to public service pension schemes which treated members differently based on their age. The ‘Public Service Pension Schemes Remedy’ puts this right and removes age discrimination for the ‘remedy period’, which is between 1 April 2015 and 31 March 2022.
Part 1 of the remedy closed the 1995/2008 Scheme on 31 March 2022. Active members who were affected by the remedy became members of the 2015 Scheme on 1 April 2022.
Part 2 of the remedy moved the 2015 Scheme pensionable service of affected members back into the 1995/2008 Scheme for the remedy period on 1 October 2023. This is called ‘rollback’.
NHS Pensions are putting processes and support tools in place to allow working members affected by the remedy to choose between 1995/2008 Scheme or 2015 Scheme pension benefits for the remedy period when they claim their pension. They will write in phases to ask eligible members already receiving their pension benefits to make this choice. It will take time to contact everyone, but they expect to have contacted the vast majority of retired members by April 2025.
There is nothing affected members need to do, as NHS Pensions will get in touch when it’s time for you to choose. You can stay up to date with the latest information about the remedy at www.nhsbsa.nhs.uk/public-service-pensions-remedy-mccloud.
‘Special Class Abatement’ rules will be removed for good
The rules for how a pension might be reduced for Special Class and Mental Health Officer (MHO) members who retire on age grounds but return to work before age 60, have been suspended since March 2020. These rules will be removed permanently.
Where to find out more
You can see a full summary of what’s changing at nhsbsa.nhs.uk/nhs-pensions along with helpful information and answers to common questions. For more general support, call the NHS Pensions automated phoneline on 0300 330 1346 and follow the prompts – it’s available 24 hours a day.
The Trusts pension team are available via email: sath.pensions.general3@nhs.net.
Midlands Financial Wellbeing Webinars with HSBC
Financial wellbeing is still very much a significant issue for all. Midlands NHSE has teamed up with HSBC to offer a series of financial wellbeing events designed to give information and enhance your understanding of key financial topics. A team from HSBC will be available to talk about banking, covering everything from budgeting and saving to buying your first home and retiring and what you need to know if you are new to the UK.
Click on the links below to reserve your place and the joining link will be shared 24 hours ahead of the event.
Wednesday 5th June, 12pm - 1pm: Making the Most of Your Money
Managing your money can sometimes prove challenging and for many it’s a case of knowing where to start. Our ‘Making the Most of Your Money’ presentation educates and explores ideas that could make the most of your everyday finances.
Book here.
Wednesday 12th June, 12pm - 1pm: Budgeting
One of the key ways to take control and manage your financial health is creating a budget. Budgeting can help you to create a spending plan so that your money could work harder for you and that you stay on the right track to reaching your financial goals. Book here.
Wednesday 19th June, 12pm - 1pm: Coping with the Rising Cost of Living
If you are worried about the rising cost of living, including higher energy, food and petrol prices, our presentation can help you create a budget, provide tips on how to save money and where you can access help and support. Book here.
Wednesday 26th June, 12pm - 1pm: Managing and Growing Your Wealth
Life is full of possibilities, and you have the potential to achieve your hopes, dreams, and ambitions. Our ‘Managing and Growing your Wealth’ presentation highlights the opportunities and resources that are available that could help you build the future you have imagined.
Book here
Wednesday 3rd July, 12pm - 1pm: Understanding your Credit Score
The concept of a credit score is tricky to understand at the best of times, but with our ‘Understanding Your Credit Score’ presentation, you’ll be best placed to know how a credit score is put together and what your score means for you. Book here.
Wednesday 10th July, 12pm - 1pm: First Time Buyer
Our ‘First Time Buyers’ presentation gives guidance on some of the essentials that you will want to consider, including top tips on what you need to know for every aspect of your journey, from your first viewing through to moving in day!
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Wednesday 17th July, 12pm - 1pm: New to UK
Anxious and excited are just some of the emotions you’ll be feeling when making the decision to move abroad. Our ‘New to UK’ presentation is here to help you settle and supplies an overview of some key areas to think about. There’s lots of information to support you and your family for a successful start to life in the UK. Book here.
Wednesday 24th July, 12pm - 1pm: My Family
Organising the family finances can often seem complicated. Our ‘My Family’ presentation explores ways of making your money work harder for your family. We give straightforward ways that could reduce your spending, increase your income and how to have conversations with your family about money. Book here.
Wednesday 31st July, 12pm - 1pm: Retirement - Planning Ahead
This presentation discusses the importance of knowing your options when it comes to planning ahead for your retirement, and tools and support to help you plan. Book here.