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Member Knowledge Article

2015 Remedy - Added pension

Can I still buy Added Pension?

  1. You can only buy Added Pension in the scheme you are currently in, so your only option at the current time is to purchase an alpha Added Pension contract starting from 1 April 2023.
  2. If you are impacted by the 2015 Remedy, you will have been rolled back into your Legacy pension scheme (PCSPS) during 2023.
  3. When you are rolled back into your Legacy scheme any Added Pension contracts you took out between 1 April 2015 and 31 March 2022, whilst in alpha, will be converted to PCSPS Added Pension. When you make your Remedy choice the Added Pension amounts will, by default, become Added Pension in the scheme of your choice. For purchases that began after 1 April 2015 and continued beyond 1 April 2022;  In the PCSPS, if you choose the PCSPS Remedy choice, you may elect to have your Added Pension treated as part of the alpha scheme from 1 April 2022.

What will the arrangements be for in-scope alpha members who bought ‘Added Pension (AP)’ after 1st April 2015?

  • For members who have purchased Added Pension (AP) in alpha, a cash equivalent will be calculated and moved over into their legacy scheme e.g. classic, classic plus, premium, nuvos, and both values will be shown on member benefit statements every year.
  • When the member makes their choice at the point at which their benefits are paid, they will be able to choose whether they would prefer to take legacy scheme e.g classic, classic plus, premium, nuvos or their reformed scheme benefits (alpha), which will include the value of the added pension purchased for set of benefits.
  • Well will advise you in due course when the annual statements will be amended to reflect this change.

This is in line with the Government's consultation response: https://www.gov.uk/government/consultations/public-service-pension-schemes.