JSS will be sharing updates via email and through this website in order to keep members and staff up to date with pension reform.
Pension Update Sessions
JSS have been visiting organisations, delivering update sessions to members and staff.
A copy of the session recorded on 19 June 2017 is available for viewing in MP4 format below.
If the video won't play in your browser, download it (right click on link > 'Save target as...') and then open the file.
We have also added a copy of the slides used in the presentations.
If you have any questions, please email email@example.com
Organisations that JSS have visited are listed below:
- RCUK Polaris House Learning Day - 9 March 2016
- STFC (RAL Harwell) - 21 March 2016
- EPSRC - 19 September 2016
- The Pirbright Institute - 23 March 2017
- UKSBS (Swindon) - 6 April 2016
- Polaris House (Swindon) - 8 May 2017, 9 May 2017, 6 June 2017, 19 June 2017, 20 June 2017 and 3 July 2017
- British Antarctic Survey (Cambridge) - 22 June 2017
- Diamond Light Source - 16 May 2017, 23 June 2017 and 5 July 2016
- STFC Daresbury Laboratory - 6 July 2017
- Norwich Research Park - 12 September 2017
- Plymouth Marine Laboratory - 9 January 2018
Previous news items
29 November 2017 RCPS reform update; continuation until 1 April 2019
HM Treasury and BEIS have confirmed that the RCPS can delay it's scheme reform changes until 1 April 2019. This means that the RCPS will continue as is beyond 31 March 2018, with JSS continuing to administer the scheme for active, deferred and pensioner members until at least 1 April 2019.
This delay is a consequence of continuing actuarial discussions with HMT, the ongoing litigation by the judiciary and firefighters pension schemes and to help minimise disruption to those organisations already implementing significant change in April 2018.
15 March 2017 Update on Pension Scheme Reform
13 October 2016 Update on Pension Scheme Reform
9 June 2016 Update on Pension Scheme Reform
6 January 2016 Pension Reform Update
Many of you will have read previous updates from JSS about the reform of the Research Council's Pension Scheme. At present it has still not been decided whether the RCPS will continue as a separate scheme implementing its own reforms or whether it will move in to the Civil Service pension arrangements and be reformed under their pension schemes. These remain the two possibilities for the RCPS.
HM Treasury have been working with the relevant Government departments to establish the mechanisms needed to enable the RCPS to transfer to the Civil Service pension arrangements. This is taking them a considerable length of time which is why we haven't been able to tell you what the future looks like for the RCPS. JSS have also been dealing with HM Treasury and BIS and are expecting to work towards a reform date of April 2017, where either the RCPS will implement its own reforms or will move all members to the Civil Service arrangements. The absolute deadline for reform of the scheme is April 2018.
"Reform" means eligible members moving in to a new career average earning pension scheme that is aligned to the state pension age; this is a requirement of the Public Service Pension Act 2013. The Civil Service reformed their pension arrangement by implementing a new scheme in April 2015, called Alpha. If the RCPS continues then we would expect to mirror the Alpha arrangements. Alpha is very similar to the current RCPS default scheme, Nuvos, in that it is based on pensionable earnings but with a slightly higher accrual rate of 2.32% (Nuvos is 2.3%) and has a scheme pension age identical to the state pension age (Nuvos pension age is 65).
Anyone that was in the RCPS and had less than 10 years to their scheme pension age (60 for Classic, Premium and Classic Plus, 65 for Nuvos) as at 1 April 2012 is protected from moving in to a reformed scheme. Members with more than 10 years and less than 13.5 years to their scheme pension age will move in to the reformed scheme between the date of reform and 2022 latest. Those members with more than 13.5 years to their scheme pension age will be enrolled to the new scheme when the reforms are implemented, earliest April 2017, latest April 2018.
We will update you on the future of the scheme and what it means to members as soon we have more information to share.
29 January 2015 Update on the future of the RCPS
20 October 2014 Update on the future of the RCPS
© JSS 2018
Last updated: 13 Apr 2018