- Helping members of occupational pension schemes to better understand their benefits.

21st May 2019
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This thread: Does NS change when a DB scheme closes? Post No.
06/07/2014 07:33

Post Count: 5
Join Date: 09/07/2011
My DB scheme closed by amending the definition of pensionable service to exclude service after the closure date. I am still employed by the same employer. I am in a 2/3rds pension category (with no accrual rate; people who joined a little later were on 1/30thís). The Trustee & Employer say that the pensions act 1993 allows them to apply N/NS to reduce my pension from 2/3rds to 2/3rds X N/NS where N is actual service and NS is potential service. I could understand this if I had been an early leaver & the scheme had remained open when I left, but I didnít. Having tried reading the 1993 act it seems to me that when the scheme changed the definition of pensionable service after the closure date it also changed (shortened) what counts as NS. So now I am thinking that my NS is those years from my joining to the date of closure. Can you help me understand this? Thanks in advance.

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