Welcome to our presentation on the key aspects of Transitional Protection within the Teachers' Pension Scheme.
This video will guide you through the retirement process, especially if you're impacted by Transitional Protection including new information on the latest Rollback changes that come into effect on 1 October 2023.
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🔹 Highlights:
0:02 - Introduction to Transitional Protection
0:58 - The 2015 Career Average Arrangement
1:36 - The McCloud Court Case Explained
2:07 - The Remedy Period
2:57 - Retirement Calculations for Members
4:02 - Are you Impacted by the Changes?
5:03 - The Rollback Process
5:50 - Retirement Process for Impacted Members
8:22 - Changes in the Retirement Process
9:32 - Resources and Further Information
🔹 Key Takeaways:
👉 Transitional Protection has been introduced to correct age-discriminatory changes made in 2015.
👉 Depending on your service history, you might be given a choice on how your pension during the remedy period (April 2015 to March 2022) is calculated.
👉 The retirement process for affected members will involve receiving a Remediable Service Statement (RSS), making a choice between two different calculations, and then finalising your pension payments.
👉 These changes are also retrospective so for affected members already retired, you'll also receive an RSS within 18 months of October 2023 and will be asked to make a choice between your current calculation or an alternative which the statement will detail.
👉 Nobody will be any worse off because of these changes.
🔹 Useful Links:
Forms: www.teacherspensions.co.uk/forms
Resources: www.teacherspensions.co.uk/me...
Scheme Changes: www.teacherspensions.co.uk/sc...
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