NHS Pension Scheme 2007 - Officers - IoMG Unified Scheme
NHS Pension Scheme 2007 - Officers - IoMG Unified Scheme
NHS Pension Scheme 2007 - Officers - IoMG Unified Scheme
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“<br />
Under the<br />
<strong>Unified</strong> <strong>Scheme</strong>,<br />
transfers to and<br />
from other Isle<br />
of Man or UK<br />
pension schemes<br />
will still be<br />
allowed.<br />
”<br />
Support towards the cost of protection for those near<br />
retirement<br />
If you are aged 53 or over when the <strong>Unified</strong> <strong>Scheme</strong> is introduced, you will<br />
be able to join your Protected section without paying more than:<br />
»»<br />
the Standard section rate of contribution; or<br />
»<br />
» your current rate of contribution (if this is higher).<br />
If you are paying a higher rate of contribution than your Protected section<br />
rate, your contribution rate will reduce by up to 1% each year until it<br />
reaches your Protected section rate.<br />
What happens to transfers<br />
Under the <strong>Unified</strong> <strong>Scheme</strong>, transfers to and from other Isle of Man or UK<br />
pension schemes will still be allowed.<br />
Transfers into the <strong>Unified</strong> <strong>Scheme</strong> will be on a cash equivalent basis which<br />
means that the scheme you are transferring from provides a transfer value<br />
that reflects the value of the benefits you have built up to that point. This<br />
transfer value will be used to secure you benefits of equivalent value in the<br />
<strong>Unified</strong> <strong>Scheme</strong>.<br />
To provide greater flexibility and choice, the current 12 month limit by<br />
which you must decide whether to transfer your benefits from your<br />
previous pension scheme will be removed. However, the scheme that your<br />
benefits are being transferred to or from may have time limits.<br />
You should seek independent financial advice if you are thinking about<br />
transferring your benefits.<br />
Do you have Special Class or Mental Health Officer<br />
status<br />
If you have Special Class or Mental Health Officer (MHO) status you can<br />
currently retire from age 55 without a reduction to your pension. If you are<br />
a MHO you may also be earning double the pension benefits for each year<br />
of membership after you have completed 20 years’ service.<br />
If you are a member of either of these groups you can protect these<br />
entitlements by choosing to join your Protected section. In your Protected<br />
section, if you retire before age 60 your pension will be calculated using<br />
the age 60 accrual rate of 1.46%. If you retire at age 60 or above your<br />
pension will be calculated using the accrual rate that applies to your age.<br />
6<br />
www.iomunifiedscheme.im