TPS - The Already Retired and their Remediable Service Statement

Those teachers who retired before they could be given their choices for the remedy period following the illegal transition from final salary to career average pension are now being sent their "remediable service statements".
In my opinion these can be confusing, so I go through one such example and, try to, explain how to get to the figures that matter.
The spreadsheet referred to is here: docs.google.co...

[@richardhand3790]

Hi Dave. This example deals with scenario where some of lump sum converted. I took my pension in Sept 23 and did no conversion so presuming my calculations will be far more straight forward when I eventually get RSS statement and presume that FS for the 7 years will be best for me: probably slight reduction in monthly pension but bigger lump sum owed.

[@MS-yy2dh]

Thanks for another highly informative video. I started phased retirement back in April 2024 and have still not been asked whether I wish to remain in the FS during the transition period. In December I received a message from TPS entitled: “Remediable Pension Savings Statement”. This seems to be asking me “to assess whether [my] pension savings in the Scheme have exceeded the Annual Allowance” (it is explained here: Transitional Protection Contingent Decisions). I have three questions please if I may: 1. Am I right in thinking this is not what you are referring to in this video (your video seems more to be about deciding as to whether to switch from FS to CA during the remedy period - I hope I have that right)? 2. Why can HMRC not work out whether I have exceeded my Annual Allowance without my input (as presumably they know my earnings and pension)? 3. Should I expect to receive this Remediable Pension Savings Statement annually, or is this a one-off?

[@richardalvien346]

If you make changes as a retiree how does it work on the figures and the start date you want to the changes to take place? You have upto a year to decide so surely the figures will be dependent on the date you decide to go ahead? Confused!!

[@richardalvien346]

I don’t get how the figures match up as you have a year to decide and the date you pick must affect the figures you’ve been given?

[@dfountain]

The figures include interest, so this amount will be adjusted to the date you make your choice. If you are owed monthly payments because the option would have paid a greater annual pension then that would be added to what has to be paid to you.

[@richardalvien346]

I assume the example given wasn’t from a tapered retiree? They remained on FS and the CA is just an alternative option for 2015-2022?

[@dfountain]

The ones I have seen so far have come from fully protected members who were fully on the FS scheme until they left, or tapered members who left before they were moved. I have yet to see one from a tapered member where they did continue working after that were moved from FS to CA and where both options are different from what they were given at the point of retirement.

[@richardalvien346]

@ thanks I left term after cut off point and tapered

[@dfountain]

@@richardalvien346 As you have a mixture of CA and FS then I suspect you will be one of the last to get an RSS given that set of calculations have the potential to be amongst the most troublesome.

[@richardalvien346]

@@dfountain lucky me😞

[@roblowry9457]

Hi Dave, is it still April 2025 that is date TP are supposed to have completed these- or is this just pie in the sky?

[@davider3568]

Hi Dave, thank you for this invaluable upload about the RSS. A quick question concerning the delivery of the RSS: is TP sending it through the post or will it be delivered to the inbox of members via the Teachers' Pension website?

[@richardalvien346]

It’s my understanding it will appear on your mpo account

[@dfountain]

The ones I have seen have been sent via the MPO website

[@davider3568]

@@dfountain Thanks Dave, I have been wondering about the delivery of the RSS; thank you again for the indepth analysis.