What changes will I see

Answer:

It will take some time before any changes to individuals’ pensions are implemented because we need to make amendments to our systems and processes to make it happen, and regulatory changes need to be put in place. Please be assured, information will continue to be shared so you’re kept up to date

Answer:

For those of you who are in the career average scheme when you come to take your pension, we’ll introduce the DCU and provide you with information to make your choice as soon as practicable. We’re working now on introducing the system and administrative processes that will allow us to provide you with your remedy period choices when you submit your retirement application.

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 (legacy), or career average (reformed) scheme 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 information to enable you to make an informed choice based on what best suits you.

Answer:

It will take some time before any changes to individuals’ pensions are implemented because we need to make amendments to our systems and processes to make it happen, and regulatory changes need to be put in place. Please be assured, information will continue to be shared so you’re kept up to date

Answer:

We’re working to identify the necessary system and process changes. There are also outstanding technical details – for example on flexibilities – and primary and secondary legislation to be put in place. At this point we cannot provide a date from when the changes will be implemented. We will, of course, keep members updated on progress.