As a result of Transitional Protection changes, you can choose for your remedy period (1 April 2015 to 31 March 2022) service to be calculated on a final salary or career average basis at retirement. Your Remediable Service Statement (RSS) will display any overpayment, due from you to the Scheme, or underpayment, due from the Scheme to you, as a result of your decision.

Flexibilities

If you purchased final salary Additional Pension during the remedy period and then choose to take your service for this period as career average, within your RSS you’ll be given the choice to:

• Have your Additional Pension reconstructed to an equivalent Additional Pension value in the career average scheme.
• Remove your original flexibility election(s) and receive compensation for the contributions paid, including interest, if you choose career average.

If you purchased Career Average scheme flexibilities (Additional Pension, Faster Accrual and Buy-Out) during the period, we’ll contact you separately with a Rollback Choices Statement on your options before you receive your RSS. You can read more information on our flexibilities web page.

Overtime and Excess Service

If you’re an unprotected or tapered member who has overtime and/or excess service during the remedy period, you’re entitled to a compensation payment for the contributions paid (subject to your retirement choice)

Any overtime service or any additional part‐time teaching (in addition to your full-time teaching contract) in the career average scheme is pensionable. In the final salary scheme such service is not pensionable.

If you’re active or deferred, we’ll contact you to make a decision on receiving compensation or deferring this compensation payment until you make your choice at retirement. If you choose to defer the payment of compensation, when you receive your RSS you can choose either:

• Career average and this service will be included in your benefit calculation.
• final salary and you’ll receive your compensation payment including applicable interest.

If you’re retired, you’ll be given the same RSS choice.

If you’ve got excess service that is pensionable within the Local Government Pension Scheme (LGPS), we’ll contact you separately about what happens next.

Calculating compensation for overtime or excess service

If you choose final salary for your remedy service, an adjustment will be made on the contributions previously paid towards this service. Compensation will be payable, made up of the amount of adjusted contributions less a tax adjustment plus interest.

Please note that we’ll calculate any contributions owed based on the current data as provided by your employer(s). If any data changes, the amounts may be adjusted.

When compensation is calculated, we’ll apply a deduction to reflect the tax relief that you’d have benefited from. Interest will also be applied to the compensation.

Paying compensation

To determine the money owed by you to the Scheme, we’ll calculate the total net pension contributions due then add the relevant compound interest. The interest used is the National Savings & Investment (NS&I) rate.

To determine money owed by the Scheme to you, we’ll calculate the total net pension contributions due and deduct the tax you would have paid. After this, we’ll add the interest owed to you. For the first 28 days after issue of the RSS the interest rate will be 8%; if the payment is later than this, the NS&I rate will be used.

The RSS will display money owed to you, money owed to the Scheme or both (with the final net figure displayed). If the scheme owes money to you, we’ll pay it if we have your bank details. If we don’t already have them, we’ll contact you for your bank details. If you owe money to the Scheme, we’ll provide details about how to arrange this.