Following on from last week’s initial update this week we provide some thoughts on the 2 options under consideration: Immediate Choice (IC) or Deferred Choice Underpin (DCU)
The consultation document canvasses opinion from all stakeholders of public service pension schemes regarding the timing of member choice regarding the pension scheme which will cover their service during the remedy period (1 Apr 15 - 31 Mar 22) - so the ‘when’ to make the choice not ‘what’ that choice will be.
IC or DCU and which one is best for you?
We have identified 3 groups of Service Persons (SP) who will be affected in different ways in making this decision:
- Those that will have left service during the remedy period.
- Those that will leave service in the first few years after the end of the remedy period
- Those that intend to serve for longer than 5 years after the end of the remedy period.
Let's look at these in turn:-
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