Making your choice – pensioner members
At a glance
Members who retired between April 2015 and October 2023 will receive a remediable service statement showing their current benefits, the alternative option and any financial impact to help them make an informed decision.
If you are in this group, you should have already received your RSS. A small number remain outstanding. If you have not yet received your statement, you should contact your administrator.
Keeping you updated
Remediable service statement
The remediable service statement sets out the benefits that are currently in payment and what the alternative choice could look like. Details of the effect on benefits that are payable for each choice will also be shown.
Once you have received this document, if you feel you need help making a decision, you can contact a financial adviser. A list of financial advisers can be found at unbiased.co.uk.
Making a decision
Your choices
If you decide that you would be better off by switching your benefits for the remedy period, there are a number of areas that may be affected:
- The value of your ongoing payments
- If there was a lump sum paid on retirement
- Contribution adjustments – as the contribution rates differ across the police pension schemes, there may be money owed or due from the scheme, the amount owing will be deducted from or added to your pension benefits when you make your choice
- The dates from which different scheme pensions are payable
The details of these areas would be provided in your remediable service statement. All calculations will be adjusted for tax and interest as applicable.
You have 12 months from the date of your remediable service statement to make your choice of remedy benefits. This choice cannot be changed once made.
If you don’t make a choice within the 12 month period, your scheme manager will decide for you based on the figures in your remediable service statement.
If you were a tapered protected member (i.e. you received mixed retirement benefits for your service during the remedy period), you have a choice of whether to receive legacy scheme or reformed scheme benefits for all of your membership during the remedy period. As part of the changes, you are unable to have mixed membership for the remedy period.