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NHS workers unsure about pensions reform

Teresa Fritz

The average NHS worker is not as clued up as doctors are about the implications of changes to the pensions scheme, finds a survey by MoneyVista.

Posted: 25 June 2012

The online financial advice service finds almost half of NHS workers (46 percent) have no idea how much they are currently due to retire on. A further 33 percent of NHS workers surveyed said they have only a rough idea how much their pension is currently projected to be worth when they retire, but they don’t know if their projection is right. This is before changes to public sector pension schemes are implemented. Over two thirds of NHS workers (67 percent) said they believe the changes will result in them having a smaller pension on retirement. Researchers said perhaps the most worrying survey finding is that almost one in ten people surveyed (7 percent) said they are not aware of the planned pension changes.

Teresa Fritz, Consumer Finance Expert, at MoneyVista, said, “Pensions are complex. Our research shows that even before the public sector pension changes come into force, almost half of NHS workers surveyed don’t know how much they are currently due to retire on. This means it’s impossible for them to evaluate whether they are going to be worse or better off with the new scheme.”

Fritz said despite efforts to communicate the future public sector pension changes, one in fourteen NHS workers is still unaware of any changes at all. “It’s clear there is wide-spread confusion about what the changes actually mean, “ she said. “We are urging all NHS workers to find out how the changes will affect their financial future. MoneyVista can help you understand these changes, as well as build a personal picture of your retirement income.”

MoneyVista is a comprehensive online financial planning tool that can help consumers create, manage and maintain a personal financial plan. The online service has written a specific public sector pensions guide for people working in the NHS to help them understand the new pension changes, and how they will be affected. There are also specific guides for teachers and all other public sector workers.

Norma Beavers, Editor