Transitional Protection where we are and whats coming up in 2023

Throughout the year, we’ve informed you of changes which have taken place in relation to Transitional Protection. As we go into 2023 it seemed appropriate to give you a summary of where we are and what to expect.

What’s happened in 2022?

The Scheme policies have been developed, which will allow us to address the discrimination between 1 April 2015 and 31 March 2022 and how we make changes to provide members with their options (known as Deferred Choice Underpin or DCU).

The government is currently developing the necessary legislation and tax regulations needed for public service schemes to deliver the changes and final versions are expected in December and early 2023.

This will form the basis of the consultation exercise on the amendments to the Teachers’ Pension Scheme Regulations 2023. Preparation is underway for the public consultation, which will take place in Spring 2023.

What to watch out for in 2023

As well as the consultation, we’ll also be offering members new tools to help them understand changes and whether they’re impacted. One of these tools is a decision tree, which helps members understand how the changes may affect them.

We’ll also be updating My Pension Online (MPO) accounts and adding information to help them recognise if they’re affected and what to expect if so. Therefore, we’d encourage you to advise members to register for MPO.

A quick reminder

We’d also like to remind you that those members who moved from the final salary scheme to the career average scheme on 1 April 2022, have until 31 March 2023 before the 12-month window to complete a transfer into the Scheme from another pension provider closes.

Until stage two of the legislation process is completed, we won’t be able to provide options (also known as DCU) to new retirees, or those affected during the remedy period until October 2023 at the earliest. Therefore, for those members planning to retire, they can still do this as normal.

We encourage yourself and members to keep themselves updated with progress via the Scheme changes section of our website.

Last Updated: 09/01/2023 14:57