We’d like to remind you to check the Employer Portal for Faster Accrual elections sent in by your employees. You’ll need to complete your part of the form before the election is finally submitted to us.

The deadline for us to receive fully completed elections is 31 March 2022.

It’s also important to note that as the final salary scheme is closing on 31 March 2022, any employees who are still in this scheme will have the opportunity to take this flexibility for the first time. While they’ll not transition to the career average scheme until 1 April 2022, we’ll accept Faster Accrual (and Buy out) elections now, prior to them entering into the career average scheme, to take effect from 1 April 2022.

We’ve got a dedicated webpage for Faster Accrual which has information to help you with member queries, including an example of the Accrual Rate of pension that can be earned by a member, and a factsheet (PDF, 131 KB) (This link opens in a new window) which you can share with your members.