I feel very strongly about the NHS pension. For colleagues who have an NHS-biased workload, the pension scheme is their total retirement plan. Doctors who have been making contributions based on an agreed outcome only for that plan to be changed are understandably concerned.
For many, the NHS pension was seen as a nest egg that would not only be protected, but was a just reward for the many sacrifices made in a long and highly-pressured career. It has already been amended two or three times since I have been practising.
Unless you continue to work right up until retirement age, the new 2015 pension is a reduced offer; the older pension contracts are much better.
We have to consider whether surgeons should be working into their 70s. There is no facility within the NHS pension to differentiate between types of jobs and the ability for older members of staff to undertake them, unlike with the army, police and fire service. It is well known that the life expectancy of a surgeon working beyond 65 years of age is significantly less than one who retires at or before the age of 60.
Often the generic information we receive about the NHS pension scheme, which many consultants won’t have time to go through in detail, seems to suggest that we should go on working well into our 60s, making more contributions and retire much later. In fact, in many cases it is better to retire earlier, reap the benefits while you have time to enjoy them and save on contributions. Luckily, I had a financial planner at Cavendish who carried out detailed calculations and set out the various retirement options for me so that I was able to make a fully informed decision.