Ready for Retirement
We are making strong progress in updating our systems so that all members who are eligible will be offered a remedy choice when they retire. We remain on track to meet our deadlines and expect the new retirement process to be mostly operational by the end of the calendar year.
In the meantime, we have already expanded functionality and are steadily increasing the number of members who are being offered a Remediable Service Statement (RSS). This means that more members are now able to make their remedy choice at retirement, and we will continue to build on this progress.
When we will contact you
We are committed to ensuring every eligible member is given the opportunity to make a remedy choice. While we continue developing new processes, this is what you can expect:
- If you are provided with a remedy choice when you retire in the form of a Remediable Service Statement, you do not need to make any further choice decisions.
- If you are not offered a remedy choice on retirement, you will be provided with legacy scheme benefits which are likely to be the most advantageous. You will still be offered a remedy choice as soon as we are in a position to do so.
What is a Remediable Service Statement (RSS)?
To help you decide, we’ll send you a choice letter, known as a Remediable Service Statement (RSS). This will show your pension benefits side-by-side in your final salary and CARE scheme for the remedy period, and details of any contribution and tax adjustments. This will help you decide which option is the right one for you.