On 4 February 2021 the Government published its response to the unfunded Public Service Pension Scheme consultation and the changes to the transitional arrangements to the 2015 schemes.
There are four key things to note:
- Members with 1987 benefits, will still be able to retire and receive their 1987 portion of benefits when they expect to, e.g. age 50 with at least 25 years' services, age 55 etc.
- To remove discrimination going forward, all members regardless of current protection status, will move to the 2015 scheme from 1 April 2022.
- Between April 2022 and 1 October 2023, active members will have their relevant membership moved to their "legacy scheme" for the remedy period (1 April 2015 to 31 March 2022). Implementation will involve many retrospective actions for each member that will need to be carried out.
- All members will be able to make a choice about their benefits at the point that they retire - Deferred Choice Underpin (DCU).
Please note we are not able to provide any estimates for remedy. At this stage, information can only be provided at retirement. Further communications with more details will be issued over the next few months.
The consultation response to the Local Government Pension Scheme has not yet been published.
You can find more information on our McCloud/Sargeant/Age Discrimination page.