What does this mean for you?
The first thing you should do is check your eligibility for remedy. There are certain criteria for eligibility as follows:
- Eligible = you need to have been a member (or eligible to be a member) in April 2012 and have pensionable service during the Remedy Period.
- Not eligible = If you joined between 1 April 2012 and 31 March 2015 you are not eligible.
A quick reminder that the final salary schemes of 1987 and 2006 scheme are referred to as ‘Legacy schemes’.
The new Career Average Revalued Earnings (CARE) scheme that was introduced in 2015 is referred to as the ‘Reformed scheme’.
Since helping many officers, we understand that there are key things you should ask yourself and with our help, learn to understand and action.
- When can I retire?
- What is my best option?
- When are the cut off dates for my self-assessment for HMRC?
- What do I do with my annual pensions statement when I receive that in October?
- Do pension debits affect my spouse pension?
- If I decide to opt OUT, what are the key things I need to know and consider?
Of course, there are many more questions you may be thinking about or concerned about. That’s why we are here, to help you understand what the changes are, if and how it affects you and your family and what your best solutions are.
We recommend that you seek professional financial advice and/or contact us for a no obligation first meeting to explore your options.
Got a question?
Do get in touch with us if you need a bit more information about these services, or any of our other financial planning advice.
