Retirement

  • Answer:

    Yes. They can still retire when they choose to do so. If they are affected by the changes they’ll be provided with their choices either retrospectively or when they choose to retire, depending on when they retire and when we are able to implement the DCU.

    Until the legislation process is completed there’s no legal basis for the Scheme to implement the remedy. We therefore won’t be able to provide options to those affected during the remedy period until October 2023 at the earliest. As we’ll have to contact all members affected by the remedy from this date, it’s likely to take some time to reach everyone.

  • Answer:

    Yes, they’ll be given the opportunity to make a choice at retirement as to whether they wish to take final salary (legacy), or career average (reformed) scheme benefits in respect of their service during the remedy period. It cannot be a combination of the two. This is referred to as the Deferred Choice Underpin (DCU). We’ll provide information to enable them to make an informed choice based on what best suits them.

  • Answer:

    Yes, they’ll be provided with information to enable them to make an informed choice at retirement that suits them. This will help them choose whether they wish to take final salary (legacy), or career average (reformed) scheme benefits in respect of their service during the remedy period. It cannot be a combination of the two. This is referred to as the Deferred Choice Underpin (DCU).

Forms

Looking for a Form? Our forms page has everything you'll need to get started.

Forms

Calculators

See how members pensions are built and explore the available options.

Calculators

FAQ's

Find the answers with our range of Frequently Asked Questions.

FAQs