UKAEA Pensions

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News about UKAEA Pension Schemes

Accrual of Future Pension Benefits

Under the provisions of the Public Service Pensions Act 2013 there is a requirement for the UKAEA defined benefit final salary pension schemes to close for future service accrual.  The effective date for the closure of the UKAEA schemes will not be before 31 March 2019.  However the actual date of the change and the impact of Employment Tribunal appeals concerning the transition arrangements, are under review and UKAEA is monitoring the outcome closely to establish when new pension arrangements will come into being and which contributing members will be affected.

For those who move from the final salary schemes, future benefits will be provided under a different type of defined benefits known as a Career Average Revalued Earnings (CARE) Scheme.  Under these arrangements instead of using total reckonable service and applying pensionable final earnings to produce the pension benefits, the pension provided under the CARE scheme is calculated based on earnings each year to produce a pension which is revalued taking account of an index of price increases.

The introduction of the CARE scheme arrangements will not affect those members receiving a UKAEA pension or those who have deferred benefits payable at normal pension age.