On 1 October 2023, as part of the Transitional Protection remedy, members affected will see their pensionable service accrued between 1 April 2015 and 31 March 2022 rolled back to the final salary scheme. Their Benefit Statement will be updated to reflect this.

This means members are treated as entering the career average scheme for the first time on 1 April 2022. There are therefore some new opportunities available to them to increase their benefits and those of their family:

• Transfer service from another pension scheme into the Teachers’ Pension Scheme within 12 months
• Increase their accrual rate each year through a Faster Accrual election
• Buy-out the actuarial reduction that’ll be made to their career average benefits if they decide to retire before reaching their Normal Pension Age
• Purchase Additional Pension benefits to be paid when they retire.

If members have taken out flexibilities, or worked any overtime or excess service in the career average scheme during the remedy period, they’ll be required to make a decision as these are unavailable in the final salary scheme - we’ll be in touch with members separately about this.

More information on rollback can be found on our website, including a factsheet, which you may want to signpost them to.