Flexibilities

  • Answer:

    The government’s response on the question of what to do with flexibilities was:

    The government is considering ways to ensure that members may retain rights in the schemes in which they made voluntary member contributions. For the Teachers’ Pension Scheme this includes Additional Pension, Faster Accrual and the Buy Out of the standard rate of reduction ("AAB Buy Out").

    Government legislation (The Public Service Pensions and Judicial Offices Bill) provides powers through scheme regulations to offer at least one of the following options:

    • An equivalent value in the other scheme
    • Rights that the same contributions would have bought in the other scheme
    • A refund of contributions
    • The technical detail of how this will be implemented for the Teachers’ Pension Scheme will be decided through scheme level discussions, and subsequent consultations on secondary legislation (scheme regulations).

    The Government are developing the necessary legislation to allow this to be implemented,. Until it’s completed there’s no legal basis for the Scheme to implement the remedy. We therefore won’t be able to provide information 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, please bear with us as it’s likely to take some time to reach everyone.

    We’ll continue to update our members on 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.

    As and when we have further details, we’ll let members know.

  • Answer:

    The Government are developing the necessary legislation to allow this to be implemented,. Until it’s completed there’s no legal basis for the Scheme to implement the remedy. We therefore won’t be able to provide information 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, please bear with us as it’s likely to take some time to reach everyone.

    We’ll continue to update our members on 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.

    As and when we have further details, we’ll let members know.

  • Answer:

    The Government are developing the necessary legislation to allow this to be implemented,. Until it’s completed there’s no legal basis for the Scheme to implement the remedy. We therefore won’t be able to provide information 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, please bear with us as it’s likely to take some time to reach everyone.

    We’ll continue to update our members on 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.

    As and when we have further details, we’ll let members know.

  • Answer:

    The Government are developing the necessary legislation to allow this to be implemented,. Until it’s completed there’s no legal basis for the Scheme to implement the remedy. We therefore won’t be able to provide information 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, please bear with us as it’s likely to take some time to reach everyone.

    We’ll continue to update our members on 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.

    As and when we have further details, we’ll let members know.

  • Answer:

    The Government are developing the necessary legislation to allow this to be implemented,. Until it’s completed there’s no legal basis for the Scheme to implement the remedy. We therefore won’t be able to provide information 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, please bear with us as it’s likely to take some time to reach everyone.

    We’ll continue to update our members on 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.

    As and when we have further details, we’ll let members know.

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