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.