Will members receive the reductions in employee contributions they were expecting from April 2019? Why are you making people continue to overpay for their pensions?
Alongside the public consultation, the Government announced that the pause of the cost control mechanism had been lifted.
By taking into account the increased value of public service pensions as a result of the ‘McCloud remedy’, scheme cost control valuation outcomes showed greater costs than otherwise would have been expected. More detail on this can be found on Scheme Valuations.
Will my contributions be refunded?
The vast majority of contribution rates changed on 1 April 2015 to become the same across all the Civil Service Defined Benefit pension schemes. Therefore, you would have paid the same contribution rate regardless of which scheme you were participating in, and so we don’t expect to refund contributions.
I’ve been moved to alpha as part of the 2015 Remedy, but I want to revert back to classic. Will I receive a contribution refund as I’ve overpaid?
You aren’t due a refund of your contributions as the contribution rates in all of the Civil Service pension schemes (other than partnership) are the same.
View the Civil Service pension scheme contribution rates.
