Find below the DE FAQs and powerpoint presentation on the current Department of Finance consultation on Public Service Pensions Schemes: Changes to the Transitional Arrangements to the 2015 schemes. They explain what the consultation is about, who is affected by it and how to respond to it:
INTO Response to the Consultation
INTO has responded to the Department of Finance Consultation on Public Sector Pension Schemes: Changes to the Transitional Arrangements to the 2015 Schemes.
Read the INTO Response: November 2020 (pdf)
All INTO members are encouraged to respond to the consultation. Please send your responses by email to DoFpensionspolicy@finance-ni.gov.uk before midnight on 18 November 2020.
Overall INTO favours the Deferred Choice Underpin (DCU) as this offers the potential for members to examine the differences between the two schemes at the point of retirement when it is most relevant to them. The DCU also ensures members will have access to the pertinent information from DE in relation to service/amount accrued in each scheme and time to access to independent financial advice which will be crucial at this stage. Independent financial advice would simply not be available for all 130,000 public sector workers in the immediate choice.
There are many factors to be taken into account by members when making this choice and clear accurate information on all aspects of the choices available are critical.
It is obvious that there will be administrative costs arising from the proposed changes whether in the Deferred or Immediate choice options. There may also be costs arising from the choice the member makes. INTO is adamant that no costs should apply to members or the NITPS as a result of remedying the mistake the Government made in introducing a scheme which has been found to be discriminatory.
INTO encourages all members affected by the consultation to respond.