Major pension reforms were announced in the Government’s 2014 Budget, with further reforms proposed in the 2015 Budget.
These changes introduce significant flexibilities for members of defined contribution schemes retiring from April 2015 onwards. Because the Scheme is a defined benefit scheme, the changes do not affect your Scheme benefits. However, members may wish to understand the flexibilities that are available and the implications of transferring out of the Scheme. This section of the website, which is provided for general information only, gives an overview of the headline changes.