All Career average revalued earnings (CARE) articles
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NewsTfL sets out ‘significantly less generous’ pension reform options
Transport for London has published two concepts for the future design of its pension arrangements, while also asking that the government either reclassify past service assets and liabilities under a public sector arrangement or provide a Crown guarantee.
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News18,000 teachers subject to ‘challenging’ McCloud choice
Some 18,000 teachers have been made retrospectively eligible for Local Government Pension Scheme benefits by the implementation of the McCloud remedy, presenting an “administratively challenging” task for both the Teachers’ Pension Scheme and LGPS-administering authorities, according to the Local Government Pensions Committee.
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NewsUnion urges government to revisit NDA pension reforms
The Prospect union has called on the government to reconsider reforms to Nuclear Decommissioning Authority pensions that will move members from their final salary scheme into a career average revalued earnings equivalent.
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NewsGovt to push ahead with firefighters and police McCloud reforms
The government will press ahead with planned reforms implementing the McCloud remedy with respect to members of the police and firefighters’ pension schemes, making amendments to ill-health provisions for the latter, despite concerns the remedy might itself be discriminatory.
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NewsCommuters face travel chaos as TfL workers strike over pension cuts
Commuters on the London Underground face two days of travel chaos as Transport for London staff strike over planned pension cuts.
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NewsPolice officers reiterate McCloud criticisms in consultation response
A campaign group representing police officers dissatisfied with the government’s handling of the 2015 public sector pension reforms have reiterated their complaints in response to the McCloud consultation, calling for the changes to be reversed.
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NewsAston Martin faces strike action over DB scheme closure
Workers at carmaker Aston Martin have threatened industrial action following news that it plans to close its defined benefit pension scheme in January 2022.
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NewsGovt to consult again on McCloud implementation in 2022
The Cabinet Office, Home Office, Department for Education and Ministry of Defence have each opened consultations into the first phase of the McCloud remedy, covering regulations that will see all legacy schemes close to future accrual from March 2022. However, new consultations on phase two of the remedy will be launched next year.
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NewsMembers on lower incomes to pay more in NHS pensions overhaul
The government has announced its intent to overhaul the way in which NHS Pension Scheme members pay contributions from April next year, following the implementation of the McCloud remedy.
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NewsGovt introduces public service pensions bill in parliament
On the go: The government introduced the public service pensions and judicial offices bill in the House of Lords on Monday that will allow the implementation of the McCloud remedy.
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OpinionPolicing police pensions
Royal London’s Moira Warner believes that transparency and clarity of communications are key in ensuring good outcomes regarding the introduction of transitional arrangements to police pensions.
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Govt to clear up 'scheme pays' issues in McCloud remedy
On the go: The government will amend pension tax rules to make it easier for those who incur annual allowance charges as part of McCloud remedies to pay these through the pension schemes.
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Civil service scheme extends MyCSP admin contract
On the go: The Cabinet Office has extended the contract with MyCSP for the provision of pensions administration and related services to the Civil Service Pension Scheme until the end of 2023.
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OpinionMcCloud remedy: Are some public servants more equal than others?
The solution proposed by the government for the McCloud age discrimination case ticks all the key fairness boxes, even though all members will not be treated the same, explains Royal London’s senior intermediary development and technical manager, Moira Warner.
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McCloud to delay LGPS progress on pensions dashboards
The McCloud reform will create challenges for Local Government Pension Scheme funds to provide information for the pensions dashboards, with a delay that could take up to three years.
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Police officers warn of age discrimination in McCloud remedy
The government’s proposed remedy for the McCloud/Sargeant age discrimination cases fails to address the issue in a “fair and non-discriminatory manner”, a group of police officers has warned.
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Firefighters considering pension compensation claims
On the go: The Fire Brigades Union is looking at potential compensation claims for its members in public sector pension schemes who were victims of age discrimination.
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Unfunded public pensions to take £150bn hit from Covid-19
Overinflated estimates of UK economic performance could strain the affordability of unfunded public sector pensions, according to new estimates, with the government forced to weigh the continued security of public sector workers’ retirement against a £150bn tax burden on future generations.
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NewsUnion considers AA scheme closure ‘significant attack’ on members
The recent closure of the Automobile Association defined benefit scheme – following a consultation with scheme members and trustees – has been branded a “significant attack on members’ benefits” by trade union GMB.
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McCloud: Civil servants to choose between old and new schemes
On the go: Members of public sector pension schemes who were victims of discrimination will be allowed to choose whether they accrued service in the old or new schemes, the government announced on Wednesday.