Answer:

Members don’t need to pay to claim their remedy benefits and make their choice. Using a paid service doesn’t mean they’ll get their choice any sooner or affect the options they have.

The relevant information they’ll need to make an informed choice is provided via our website, communications and Remediable Service Statements (RSS), and we’ll contact them regarding their options. Please recommend our resources initially to help them understand what the changes mean for them.

A small number of members with particularly complex circumstances may feel they need support from an independent financial advisor or accountant regarding their remedy choice. It’s at their discretion if they choose to seek advice. For complex scenarios, we’ll consider applications for compensation for reasonable costs of independent financial advice. We’d recommend members visiting our web page on Contingent Decisions and Financial Loss about the requirements for consideration, including first receiving and considering their RSS, and the process that’ll be introduced.

Answer:

Members don’t need to do anything now; we ask you to wait for us to contact you as we’re identifying those of you who are affected.

We’ll be providing options to those affected during the remedy period from 1 October 2023. As we’ll have to contact all members affected by the remedy from this date, please bear with us as it’s likely to take some time to reach everyone.

Members can keep up to date by checking the information on our website.

Answer:

No. The government confirmed that whichever solution is implemented, it will apply across all public sector pension schemes and for all members with relevant service, regardless of whether they’ve lodged a claim.