Planning to retire

If you are planning to retire soon, Remedy may affect how your pension benefits are calculated.

When you come to retire, you will receive information showing how your benefits for the Remedy period can be treated.

This will allow you to make a decision, where required, as part of your retirement process.

You should continue to plan your retirement as normal. We will provide the information you need at the appropriate time.

Your choices

The choices available under Remedy relate specifically to pension benefits built up during the Remedy period. These choices are designed to make sure affected members are treated fairly following the changes made to public service pension schemes in 2015 and the later Court of Appeal ruling.

For eligible members retiring on or after 1 October 2023, this may include a Deferred Choice Underpin (DCU) decision. A DCU allows you to choose whether benefits built up during the Remedy period are treated as legacy scheme (PCSPS) benefits or alpha benefits. This choice is made closer to retirement so it can be based on your actual circumstances at the time.

Depending on your circumstances, you may be asked to choose between benefits based on your legacy pension scheme membership, known as PCSPS, or benefits based on alpha pension scheme membership. This is known as Deferred Choice Underpin, or DCU.

The choice is made closer to retirement so members can make an informed decision based on their actual circumstances, rather than assumptions about their future career, health, retirement plans or other factors.

You do not need to delay your retirement plans because of Remedy.

However, Remedy-related calculations can be more complex and, in some cases, may affect the time needed to prepare retirement information and quotations. Where this applies, we’ll keep you updated and explain what happens next.

Your retirement quote

When you apply for retirement, we’ll send you information about your pension benefits. Current CSPS guidance says members are usually sent a quote, an options form and personal details form around two months before their planned retirement date. For members affected by Remedy, this will also include a choice about how part of their benefits should be calculated.

You should read your quote and any supporting information carefully. If you need to make a choice, your quote will explain what the options mean and how to respond.

It’s important to return any forms as soon as possible. CSPS guidance explains that if completed forms are received at least one month before the planned retirement date, any lump sum due should be paid shortly after retirement and the first pension payment is usually made a month after retirement. If forms are received later, this may result in a delay.

Before making a decision

Before making any decision about your pension benefits, you should take time to review all the information provided.

The most suitable option will depend on your personal circumstances. This may include your retirement plans, your financial situation, the value of the benefits available under each option and any tax considerations.

We cannot recommend which option is best for you.

You may wish to consider independent financial advice before making your decision.