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Added years

Q: Does the change in the pensions mean those of us who took out added years not that long ago are going to be left paying through the nose for decades to get nothing back?

A: As things stand Added Years (AYs) will continue to run until the chosen contract age and members will receive the benefits they originally contracted to buy.

The independent Public Sector Pensions Commission’s inquiry into public sector pension schemes will make recommendations on ‘how public service pensions can be made sustainable and affordable in the long term, fair to both the public service workforce and the tax payer’.
 
As yet however, no changes have been announced and the PSPC is due to produce an interim report in September 2010 and a final report in time for the March 2011 Budget.
 
Depending on the changes introduced NHS Pension scheme members may need to review their future pension funding position. HM Treasury has however announced that existing accrued pension rights will be protected.

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