Contribution Adjustments depend on which legacy scheme an officer belonged to, this is due to the difference in contributions rates between the schemes.

If a member was fully protected then there is no adjustment as they paid the correct contributions in the remedy period.

1987 legacy members owe money and need to decide whether to pay the adjustment plus interest minus tax relief within three months of receipt of the ABS-RSS or defer it to another annual statement event or to retirement. Interest will continue to accrue until the adjustment is settled at the NS&I Direct Saver Rate – currently 3.45%.

If a 1987 member makes a payment and then chooses the reformed scheme at retirement the contribution adjustment and interest will be refunded to them.

2006 legacy members are owed money and need to decide whether to take the adjustment or leave it on account until retirement. The adjustment will have accrued interest at 8% up to 28 days after the issue of the RSS and then will accrue interest at the same rate as the 1987 interest is charged.

2006 legacy members can take the refund and invest it themselves or can spend it – it is their money. They can take the money at any time there is no restriction on when they can take it.

However, if they then take the 2015 scheme for the remedy period at retirement they will owe the money back plus interest.