iOS 8.1.2 Calendar Timezone Problem
Go to Settings/General/Date and Time.
Choose Set Automatically and choose your Time Zone.

Next go to Settings/Mail, Contacts, and Calendars. Page down to the Calendars section.
Set Time Zone Override to OFF if you want you calendar to display with times converted to the Time Zone where you are currently standing.
Or, set Time Zone Override to ON if you want to force the times in your calendar to be displayed in the home Time Zone that you set above.