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Answer:
As the government’s remedy to the discrimination came into place on 1 October 2023, it’s important to note that all protections applied were found to be discriminatory and have been removed. A tapered entry into the career average scheme is no longer available, and members cannot continue receiving benefits based on tapered service, which is a mix of final salary and career average benefits for your remedy period service. The benefits you currently receive for the remedy period will need to change.
The Remediable Service Statement (RSS) you receive will show many of the same elements as the main retirements RSS, however, there will be some differences. The main difference for tapered members is that your options won’t include a detailed breakdown of your current pension benefits, though we’ll provide a summary of these to you as part of the statement for information purposes.
When you review your RSS:
- Option 1 will show all your remedy period service calculated as final salary scheme service, and
- Option 2 will show all your remedy period service calculated as career average service.
Your RSS will provide information to allow you to choose to take all service in the remedy period as either final salary or career average and a breakdown of the benefits you’ll receive under each option will be provided to help you make an informed decision. Any over/underpayments resulting from these calculations will be displayed in the ‘Total Adjustment’ table included in the RSS.
You’ll be presented with an immediate choice to either take your remedy period benefits under final salary or career average and the choice you make regarding these benefits will be irrevocable.
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Answer:
Whilst the Remediable Service Statement (RSS) you receive will have a similar look and have many of the same elements as the main retirement RSSs, there are some additional sections specific to Phased retirement.
You’ll be presented with an immediate choice based on your first phased retirement taken during the remedy period (regardless of the total number of phased retirements you’ve subsequently taken).
As part of your RSS, we’ll provide you with:
- information relating to the benefits you already receive,
- the alternative benefits available to you under the alternative scheme rules, and
- how your choice could affect any future benefit entitlement as the choice you make will apply to all subsequent retirements.
Your options will be displayed based on the proportion(s) of your benefits you specified in your previous application(s). When calculating secondary retirements, this will be based on the total service accrued to that retirement date, multiplied by the proportion you have specified, less any benefits taken as an earlier retirement. You’ll be presented with an immediate choice to either take your remedy period benefits under final salary or career average and the choice you make regarding these benefits will be irrevocable.
We’d encourage you to read the covering letter and notes for your RSS as these provide additional information specific to Phased retirements that should help you.
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Answer:
Whilst the Remedial Service Statement (RSS) that you receive will look the same as the main retirement RSS, the difference you’ll need to consider if you took Premature retirement is that the options displayed in your RSS won’t consider any mandatory or discretionary compensation that you currently have in payment from your previous employer. This is because this compensation is out of scope of the remedy.
The figures displayed in your RSS will be the actuarially adjusted benefits that would’ve been used had you taken a standard early retirement. You’ll be presented with an immediate choice to either take your remedy period benefits under final salary or career average and the choice you make regarding these benefits will be irrevocable.
We’d encourage you to read the covering letter and notes for your RSS as these provide additional information specific to Premature retirements that should help you.
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Answer:
You don’t need to pay to claim your remedy benefits and make your choice. Using a paid service doesn’t mean you’ll get your choice any sooner or affect the options you have.
The relevant information you’ll need to make an informed choice is provided via our website, communications and Remediable Service Statements (RSS), and we’ll contact you regarding your options. We’d strongly recommend using the resources available to you initially to help you understand what the changes mean to you.
A small number of you with particularly complex circumstances may feel you need support from an independent financial advisor or accountant regarding your remedy choice. It’s at your discretion if you choose to seek advice. For complex scenarios, we’ll consider applications for compensation for reasonable costs of independent financial advice. To read about the requirements for consideration, including first receiving and considering your RSS, and the process that’ll be introduced, visit our web page on Contingent Decisions and Financial Loss.
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Answer:
You don’t need to do anything now; we ask you to wait for us to contact you as we’re identifying those of you who are affected.
We'll be providing options to those affected during the remedy period from 1 October 2023. 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.
You can keep up to date by checking the information on the website.
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Answer:
No. The government confirmed that whichever solution is implemented, it will apply across all public sector pension schemes and for all members with relevant service, regardless of whether they’ve lodged a claim.
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