POLICY: SPPA consultation on the National Health Service Superannuation and Pension Schemes (Miscellaneous Amendments) (Scotland) Regulations 2022

The RCN welcomes the opportunity to respond to the Public Pension Agency’s (SPPA) consultation on proposed changes to members’ contributions to the NHS pension scheme from 1 April 2022. Our submission is based upon the views of RCN members, who expressed these by e-mail and during three dedicated RCN engagement events in February 2022.

The outline of potential remedies set out in the consultation document references the expected annual shortfall in the required yield of the scheme of around £12million which equates to the 0.2% of the 9.8% yield which is not being met. It is important to note that the yield of 9.8% set by HMT increased significantly as a result of the Hutton Review and rose from 6.6% to the current 9.8%. There has never been a reasonable explanation as to where this figure was derived from and why it is significantly higher than in some other public sector pension schemes.