EPN734: 2025 Remediable Service Statements (RSS) being issued to active members impacted by 2015 Remedy
Audience
Pension leads
HR managers
Summary
This Employer Pension Notice is to advise that, as part of the 2015 Remedy (McCloud), we are required to provide impacted members with an illustration of pension benefits for their remediable service (service during the Remedy period: 1 April 2015 – 31 March 2022). Nearly all affected members, who remain in active service, will therefore receive an RSS detailing their benefits as at 31 of March each year, in both their Legacy and alternative Scheme Options.
To help simplify the information, members will receive two Annual Benefit Statements (ABS). One ABS details their Legacy benefits, and the other details their Alternative Scheme Option. Together, these two statements form the RSS.
We will be updating the FAQs with further details on the RSS shortly.
Actions
To note the distribution timescale of the RSS and the members that will be receiving the RSS.
To note the RSS is made up of two ABS. Members will receive these in the same way they receive their Annual Benefit Statement each year.
To note that 95% of active Remedy members will receive an RSS in 2025 and these will be issued by 31 August 2025. However, due to various complexities, 5% of Remedy members will not receive an RSS but will receive a Legacy ABS (no alternative scheme option ABS). Our aim is to issue these by the end of September 2025.
To note that due to unresolvable complexities, 1% of Remedy members (0.4% of the overall 600k (approx.) active ABS population) will not receive an RSS or ABS. We apologise for any inconvenience this may cause. Any members who are thinking of retiring will still be able to submit a retirement quote request.
To note, we will send you further details on the members not receiving an ABS with the MI we send each year in September, following completion of the ABS production.
Note that there are no actions for active members until they retire and claim their benefits.
Timing
We are aiming for all Remediable Service Statements to be issued to impacted members between June and August 2025.
Note that 95% of active Remedy members will receive an RSS in 2025 and these will be issued by 31 August 2025. However, due to various complexities, 5% of Remedy members will not receive an RSS but will receive a Legacy ABS (no alternative scheme option ABS). Our aim is to issue these by the end of September 2025.
Detail
As a result of Remedy, we are required to provide impacted members with an illustration of pension benefits for their remediable service (service during the Remedy period: 1 April 2015 – 31 March 2022). All affected members, who remain in active service, will therefore receive an RSS detailing their benefits as at 31 March each year, in both their Legacy and alternative Scheme Options.
To help simplify the information, members will receive two Annual Benefit Statements (ABS). One ABS details their Legacy benefits, and the other details their Alternative Scheme Option. Together, these two statements form the RSS.
How are the benefits made up?
ABS:
PCSPS (classic, classic plus, premium or nuvos) until 31 March 2022
alpha from 1 April 2022 until 31 March 2025 (the ABS calculation date)
Alternative Scheme Option ABS:
PCSPS (classic, classic plus, premium or nuvos) until 31 March 2015
alpha from 1 April 2015 until 31 March 2025 (the ABS calculation date)*
*During the Remedy period (01 April 2015 to 31 March 2022), the Alternative Scheme Option is calculated using the alpha scheme rules. However, the benefit accrued and paid during this period is legally part of the PCSPS benefits.
We will be updating the FAQs with full details on the RSS shortly.
Support available
The Remedy FAQs will be updated to reflect this information shortly.
