HM Treasury has issued a consultation for the Unfunded Public Service Pension Schemes including Fire, Police, Teachers and NHS. The closing date for this consultation is 11 October 2020. It is important to note that at this stage, it is a consultation which includes a number of proposals and invites all stakeholders to respond to it.
Although it provides some insight, it is not legislation, therefore it is subject to change and this will depend very much on the responses received and how the Government wishes to shape Public Sector Pensions going forward.
The proposals in the Public Service Pension Schemes consultation indicate that it is going to be some time before the final position for remedy will be known, legislation will not be in place before 1 April 2022 and will most likely be later.
Everyone that has relevant membership between 1 April 2015 and 31 March 2022, whether still in active service or not, will be contacted and will have the option of remedy, which will be applied retrospectively where applicable. In the meantime, all your benefits will continue to be calculated on current legislation and the current scheme you are in. It is not possible at this stage to provide you with any estimates based on remedy.