When will these changes happen?

There are two parts to the changes that are required so that all members will be treated equally going forwards.

Part 1

The final salary scheme is closing on 31 March 2022. From 1 April 2022 all active members will build up their pension benefits in the career average section of the Scheme. From 1 April 2022 all pensionable service will be recorded in the career average scheme.

Part 2

This will address the difference in treatment that occurred between 1 April 2015 to 31 March 2022. All affected members will be returned to the final salary scheme for the remedy period, 1 April 2015 to 31 March 2022, and will have the option to take pension built up during this ‘remedy period’ on either a final salary or career average benefits basis. This is known as the deferred choice underpin.

The government is developing the necessary legislation to allow this to be implemented, which is expected to be in place towards the end of this year. Until then we’re unable to resolve individual queries but please be assured that as and when the information is available, we’ll advise members and continue to update our website. This will include information with respect to pension flexibilities, both in relation to those elections already taken out during the remedy period and for making new elections in the career average scheme.

We’re working now on introducing the system and administrative processes that will allow us to provide members with their remedy period choices when they submit their retirement application.

Last Updated: 29/03/2022 14:20


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