We’ve kept you up to date throughout the year with changes that have taken place in relation to Transitional Protection. 

Development of the Transitional Protection solution is proceeding as planned. Don’t worry you don’t need to do anything; we’ll contact you as soon as we have further information. 

However, as we go into 2023 it seemed appropriate to give you a summary of where we are and what to expect.

What’s happened in 2022?
The Scheme policies have been developed, which will allow us to address the discrimination between 1 April 2015 and 31 March 2022 and how we make changes to provide members with their options (known as Deferred Choice Underpin or DCU). The Government is currently developing the necessary legislation and tax regulations needed for public service schemes to deliver the changes and final versions are expected in December and early 2023.

This will form the basis of the consultation exercise on the amendments to the Teachers’ Pension Scheme Regulations 2023. Preparation is underway for the public consultation, which will take place spring 2023.

What to watch out for in 2023
As well as the consultation, we’ll also be offering you new tools to help you understand the changes and whether they impact you. You can use our new decision tree tool, which will ask you questions to help you understand if the changes will affect you. We’ll also be adding information to your My Pension Online account, to help you recognise if you’re affected and what to expect if you are. We’d therefore recommend you register for your MPO account if you haven’t already.
 
A quick reminder
We’d also like to remind those of you who moved from the final salary scheme to the career average scheme on 1 April 2022, the 12-month window to complete a transfer into the Scheme from another pension provider closes on 31 March 2023. 

Until stage two of the legislation process is completed, we won’t be able to provide options (DCU) to new retirees, or those affected during the remedy period until October 2023 at the earliest. Therefore, for those of you planning to retire, you can still do this as normal.

We encourage members and other interested parties to keep themselves updated with progress via the Scheme changes section of our website.