Pensions Remedial Service Statements / Annual Benefit Statements

3 September 2024

    The below has just been sent to local branch's by the national Pension advisor.

                                                               ABS-RSS Rollout

PFEW are aware of the issues with the above rollout and are disappointed that there have been so many issues.

We will be speaking with the NPCC over the coming days in order to get some clarity on how Forces and administrators intend to address the failures and also the number of errors in statements that have been produced.

We would not expect any officer to be disadvantaged by the failures and errors and will be pushing for a freeze on interest and an increase in the window in which they can pay if there have been errors and failures to deliver.

There are three slides attached which give an overview of the issues and also what officers should be considering now.

Kind regards

Paul 

Senior Pension Advisor - PFEW

ABS – RSS Rollout

Deadline given by the NPCC of 31^st August 2024 for ABS-RSS to be produced

There have been a lot of non-compliance in delivery and a lot of errors in what has been delivered.

Officers should not be disadvantaged due to the failures and errors.

Individually contact your administrator and Force and complain.

Get errors rectified now.

PFEW will meet with NPCC and then publish further Communications.

PFEW will be looking at a freeze on interest and extensions of the window in which monies owed can be paid for those adversely affected.

ABS – RSS Options

Officers do not need to decide which pension for the remedy period now – that is a decision for retirement.

The only decision now is the contribution adjustment as they have all been rolled back into their remedy scheme.

2006 Legacy Member

Take it now or later

Take it now – if they eventually choose 2015 benefits for the remedy will owe contributions and interest.

Keep it in their contribution account – 8% for 28 days and then NS&I Direct Saver Rate (4%)

Can take it at any time not limited to three month window each year – NPCC confirmed this

ABS – RSS Options (2)

1987 Legacy member

Pay it now or later

Pay it now – have three months from date of RSS – must be paid in one go – can be via payroll

Most ABS-RSS will show gross and not net amount – HMT laying new directions and scheme manager will need to recalculate if officers want to pay. They can do this

Pay it next year three-month window and so on up to retirement

Don’t pay - interest continues to accrue compound NS&I Direct Saver Rate – debt gets higher

If 2015 chosen will get the money back plus interest!