CHANGES APPLY FROM APRIL 2015
All pensions in payment or built up before April 2015 will be protected. If you are currently in receipt of a pension or have left with a deferred pension these changes do not affect you.
If you are currently a contributing scheme member of Classic, Classic Plus or Premium and move to the new scheme, your pre April 2015 pension will still be based on final salary at retirement and the current Normal Pension Age. Current members of Nuvos who move to the new scheme will be retain the ability to draw their pre 2015 pension without reduction at 65 (regardless of their State Pension Age).
Some members closest to pension age will remain in their existing scheme; the section, "Pensions 2015 - Protection" describes the relevant circumstances in more detail.
All members will pay new contribution rates from April 2015 irrespective of which scheme they are in.
MAIN PROVISIONS OF ALPHA
The table below shows the main provisions of the new Principal Civil Service Pension Scheme (Alpha) for membership from 1 April 2015 compared with those of the main current schemes (Classic, Premium and Nuvos). These changes apply throughout Great Britain and are mirrored in the PCSPS Northern Ireland. See the Glossary for definitions of terms in the table.
FUTURE SCHEME COST MANAGEMENT
If the members' costs of the PCSPS change beyond a 2% 'window', there will be negotiations between unions and government about how to meet those cost changes. This means that following future valuations if costs have risen or fallen outside the boundaries set out following the 2012 valuation (that was published in July 2014), there will be adjustments to the benefits provided by the scheme or the contribution rates to the scheme. In the event that changes are not agreed between the Cabinet Office and trade unions, the accrual rate will be adjusted.
PENSION PROTECTION ON TRANSFER
PCSPS members who are compulsorily transferred out of the civil service are able to retain membership of the scheme, this is known as New Fair Deal.
BENEFITS COMPARISON TABLE - ALPHA AND THE OTHER CIVIL SERVICE SCHEMES
BENEFITS COMPARISON TABLE - ALPHA AND THE OTHER MAIN PUBLIC SERVICE PENSION SCHEMES
CONTRIBUTIONS COMPARISON TABLE - PCSPS AND MAIN PUBLIC SERVICE PENSION SCHEMES