Each year, we create Total Reward Statements (TRS) and Annual Benefit Statements (ABS) for members who are actively contributing to the Scheme.
Your statement is updated after the financial year end at the end of March and made available in mid-August.
If your employer was unable to send the annual update to allow us to refresh your pension record in time, or more information is needed before we can add the update to your record, your statement may not be ready for August. In these circumstances we usually carry out a mid-year refresh in October and publish updated statements in December.
This year, because of the Public Service Pension Remedy, any pensionable service that affected members have in the 2015 Scheme for the remedy period (1 April 2015 – 31 March 2022) has been put back into the 1995/2008 Scheme for 1 October 2023. This is called rollback.
You can read more about the Public Service Pension Remedy and whether you’re affected on our dedicated web hub.
Due to the significant number of member records that are changing in October as a result of rollback, we are unable to carry out a mid-year refresh this year.
If you would expect to receive your annual benefit statement in December, for example you are a dental practitioner, there’s nothing you need to do at this time.
If you’re affected by the Public Service Pension Remedy, each year after rollback, you’ll receive what is called a ‘remediable service statement’. This will show you two sets of figures for the value of your pension benefits to date with either your membership for the remedy period (1 April 2015 – 31 March 2022) in the 1995/2008 Scheme, or in the 2015 Scheme benefits. Then when you come to retire, you’ll decide which of these benefits you want to take for the remedy period.
You’ll receive your first remediable service statement by April 2025 and then each year after that as part of your annual benefit statement.
If you retire before the first remediable service statements are issued, you’ll be provided with the information as part of your retirement application process.
If you’re not affected by the Public Service Pension Remedy, we’ll update your statement next year as usual.