What changes will I see

Answer:

For those who moved from the final salary scheme to career average scheme on 1 April 2022, you’ll see that change to your pension from then.

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.

Until the remaining legislation is completed, there’s no legal basis for the Scheme to implement the remedy. We therefore won’t be able to provide options to new retirees, or 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.

For those of you planning to retire, you can claim benefits based on which arrangements you’re in. When phase two comes into effect, and after we contact you, you may wish to take the alternative scheme benefits for the remedy period. If so, we’ll apply the changes retrospectively, from the point they should have been paid.

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:

Until the necessary legislation process is completed, there’s no legal basis for the Scheme to implement the remedy. We therefore won’t be able to provide options to new retirees, or 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.