Answer:

Yes, you can convert both your final salary and career average benefits. You don't have to convert the same proportion of each benefit but they are subject to the HMRC limits.

Answer:

Yes, as all active members were placed in the career average scheme from 1 April 2022. The final salary link for members with prior service in the final salary scheme was retained.

Answer:

If you hadn't retired by 1 October 2023 and are affected by Transitional Protection, your affected service has been rolled back from the career average scheme to the final salary scheme and your Benefit Statement has been updated to reflect this.

We're working hard to show both options and will keep you updated on when this has changed. While it only shows your final salary option for the remedy period. you'll be given both options when you make your retirement application.

Answer:

No. Normal Pension Age (NPA) in most of the reformed schemes is linked to the State Pension Age, reflecting that most people can expect to live longer and have longer working lives. Nobody, though, is required to work longer if they don't wish to do so. If you've reached your Minimum Pension Age you can take your pension before NPA with the pension being adjusted fairly to reflect the fact you're likely to be paid for longer. You can also choose to work beyond your NPA and receive a bigger pension. There are options available for you to increase your pension benefits prior to retirement. Full details on retirement planning can be found here.

Answer:

If you're impacted by Transitional Protection, you'll be able to access a Benefit Statement - RSS on My Pension Online. The Benefit Statement - RSS shows you both choices. As with a Benefit Statement it updates each month (as long as you're in active service) and you'll be able to see any flexibilities and family benefit.

The Benefit Statement - RSS replaces your Benefit Statement.

Answer:

If you are eligible, you'll choose between your final salary and career average pension scheme benefits for service between 1 April 2015 and 31 March 2022 (the remedy period). You'll make your choice at the time you take your pension benefits (e.g. when you retire); this is named the Deferred Choice Underpin (DCU).

Initially, those of you who were moved to the career average scheme in 2015 (or later if you had tapered protection), will be moved back into the final salary scheme for the remedy period; this is known as 'rollback'. However, when you then take your pension benefits, for example at retirement, you'll get to choose between your final salary and career average scheme benefits. At this point, you'll receive the necessary information to be able to make a choice about which pension scheme benefits are better for you.

Those of you who are affected members who have already taken benefits from the final salary scheme, or will before April 2022, will be given a choice between your final salary and career average scheme benefits for service between 2015 and the date you take your pension benefits. This choice will be offered from 1 October 2023 and any change to benefits will be backdated.

Since 1 April 2022 all active members have accrued service in the career average scheme.

Answer:

If you were a protected member in the final salary scheme and returned after a break of less than five continuous years, then you'd have remained in final salary on your return to pensionable employment. However, on 1 April 2022 any members still in the final salary scheme moved to the career average scheme for any new contributions.

If you were in the final salary scheme and had a break in service of more than five continuous years, then you enter the career average scheme on your return to pensionable employment but, your existing benefits will remain in final salary.

If you'd no protection but returned after a break of less than five continuous years you'll have entered the career average scheme but will have a link between the salaries you earn in career average and your final salary benefits.

If you'd no protection and returned after a break of more than five continuous years you'll have entered the career average scheme. If you'd both final salary and career average benefits when you left service, your final salary benefits will be calculated using an average salary based on your salaries at the start of the break.

For more information on the Transitional Protection remedy and how this may affect your benefits, please visit the relevant section on our website.

Answer:

Your average salary is the salary used to calculate your final salary scheme benefits, if any, when you retire*. The way it's calculated depends on when you retire and if you have mixed service - final salary with a normal pension age of 60 and also final salary with a normal pension age of 65 - there may be two separate calculations. For further information about this please check "Calculating benefits".

Restricted Salaries: Salaries that increase by more than 10% or the fixed amount year-on-year will be restricted to the previous year's salary plus either 10% of the increase or the fixed amount, whichever is the highest.

Salary revaluation: This is applied up to the latest of service. It only applies, however, where there has been a change in your salary. If there has been no change, the salary is not revalued.

Salary link: For members who moved from the final salary to the career average scheme without a disqualifying break in service, the Average Salary will be calculated using salaries from your most recent service. This means that salary increases and career progression are taken into account for your final salary scheme pension benefits, even after you have transitioned to the career average scheme.

* Career average scheme benefits are based on the pensionable earnings in each Scheme year, or part thereof, rather than a final Average Salary.

Answer:

It's important to remember that the period of service affected is that between 1 April 2015 and 31 March 2022. This is known as the remedy period.

As, for many members, the career average scheme is more beneficial, you'll be given the opportunity to make a choice at retirement as to whether you wish to take final salary scheme benefits or career average benefits in respect of your 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 sufficient information to enable you to make an informed choice based on what best suits you.

Answer:

If your employer has included excluded days in their record of your service and salary, this will be mirrored on your Benefit Statement. Days excluded (i.e. (not worked and not counting towards reckonable service in any final salary benefits) are not used when deciding the actual reckonable service and salary rate for the period that counts towards your final salary benefits. For career average, if you're part-time we ask your employer to provide your actual part-time pensionable earnings and, although we will still derive the number of days excluded in the period, it's the actual reported pensionable earnings that will be used to determine your career average pension benefits.