Flexibilities

  • Answer:

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

    After reviewing responses, and through further engagement with schemes, 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:

    1. An equivalent value in the other scheme
    2. Rights that the same contributions would have bought in the other scheme
    3. 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).

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

  • Answer:

    The government is considering ways to ensure that those of you with flexibilities are able to retain the benefits of the voluntary contributions you have made.

    The technical detail of how this will be implemented in each scheme will be decided through scheme level discussions, and subsequent consultations on secondary legislation (scheme regulations).

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

  • Answer:

    The government is considering ways to ensure that those of you with flexibilities retain the rights in the schemes in which you have made voluntary contributions.

    The technical detail of how this will be implemented in each scheme will be decided through scheme level discussions, and subsequent consultations on secondary legislation (scheme regulations).

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

  • Answer:

    The government is considering ways to ensure that those of you with flexibilities are able to retain the benefits of the voluntary contributions you have made.

    The technical detail of how this will be implemented in each scheme will be decided through scheme level discussions, and subsequent consultations on secondary legislation (scheme regulations).

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

  • Answer:

    Yes, although the interaction with permitted maximum extra pension and previous elections you may have taken in the remedy period is still to be determined. As and when we have further details, we’ll let members know.

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