The MoD have confirmed to us the following details regarding payment adjustment timelines for personnel in the Immediate Choice (IC) cohort (i.e. those who left the Armed Forces between 1 April 2015 and 30 September 2023) who have elected/elect to receive alternative benefits:. Details are:
Members who have made an election after 1st September 2024:
Your revised (alternative) pension benefits will be put into payment and an updated calculation will be carried out to confirm the actual over/underpayment and interest impact based on the date of implementation. You should allow up to four months for this to occur.
You will be written to by DBS Veterans UK once these changes have been processed and provided with a revised award notification. If your election for alternative benefits has caused an underpayment, Equiniti will issue any arrears and interest payments owed to you at that point. If your election for alternative benefits has resulted in an overpayment, Equiniti will write to you with the details regarding repayment.
Members who made an election before 1st September 2024:
Due to the volume and complexity of the pension remedy, it is taking more time than a standard payment to process election choices and re-calculate any under or overpayments along with associated interest. All elections are being completed in date received order and it may take up to six months from the date that DBS Veterans UK received your election to amend payments.
You will continue to receive your current benefits until your election is processed, and your back dated payment will be recalculated with interest. Once the changes have been processed, Veterans UK will provide you with a revised award notification.
We understand that Veterans UK have sent letters reflecting these details to those individuals who have previously submitted a remedy election and this information is also provided to those who have submitted elections since 1 September 2024.
