● Remedy Rollback – Changes to member data
● Exit & Compensation Entitlement
Under 2015 Remedy (McCloud), all impacted members will become (or will retrospectively become) members of PCSPS (classic, premium, classic plus or nuvos) for the Remedy period (01/04/2015 – 31/03/2022).
This involves the Scheme Administrator updating the data currently held for active and deferred members, who are in scope for 2015 Remedy and who transitioned to alpha before 01/04/2022, to reflect a retrospective move from alpha, back to PCSPS. This is called rollback. This EPN gives an overview of the rollback.
In addition, as part of 2015 Remedy (McCloud), members who have left service and received payment for exit/compensation entitlement (between 1/04/2015 – 1/10/2023) will have this recalculated under their alternative scheme option as part of their immediate choice. This EPN also provides further information on this.
For information only
What is Rollback?
Rollback is the term used for transferring any service during the Remedy period (01/04/2015 – 31/03/2022) from alpha benefits back into PCSPS benefits.
Rollback is a key Remedy policy and has been put in place to resolve the historic age discrimination issue. This arose in 2015 when those pension scheme members closer to retirement were afforded full protection and remained in PCSPS. Other pension members were moved into the alpha scheme. This rollback process now removes this inequality.
Impacted active and deferred members will see the effects of rollback on 1/10/2023.
For in-scope alpha dual members, following the data updates:
Member records will reflect pay, service and contributions under PCSPS during the remedy period (01/04/2015 – 31/03/2022)
Deferred awards will be re-calculated on a PCSPS-only basis
These updates will be carried out using the data you have provided during the Remedy Data Collection project.
The way in which we update the data through Rollback supports the Deferred Choice Underpin (DCU) functionality that provides members with their Remedy options.
Exit & Compensation entitlement
As part of 2015 Remedy (McCloud), members who have left service and received payment for exit/compensation entitlement (between 1/04/2015 – 1/10/2023) will have this recalculated under their alternative scheme option as part of their immediate choice. Where the member chooses the alternative scheme benefits, instead of their current scheme benefits, and additional costs are incurred the scheme will cover the additional cost through the Cabinet Office Civil Superannuation Vote and will not request any money from the employer. Please note: we will write to members who have partially or fully retired to explain their options no later than March 2025.
Any exits processed from 1/10/2023, for benefits due to come into payment after 1/10/2023, will provide two sets of benefit quotes for the 7-year Remedy period. The member can then choose the option they want. Any costs associated with that choice will be met by the member or employer as normal.
If you have any questions about this EPN or the content, please email: email@example.com
If you have a question about the distribution of EPNs or would like to receive them in a different format, please email; EPN@MyCSP.co.uk.