Member update – discussions with the Government

07 November 2019

In July 2019, Chris Cheetham, the Scheme Chairman, wrote to all Scheme members to let you know that the Trustees had made proposals to the Government designed to protect members’ bonus pensions from 2023, which under the current Rules of the Scheme can be lost or reduced (click here to read this letter).

The Trustees were delighted to recently receive a letter from Kwasi Kwarteng MP, minister with responsibility for the MPS, confirming that the Government has accepted our proposals and that he has instructed his officials to work with the Trustees to implement the proposals.

The work on implementing the proposals will now commence. This will require the Trustees and the Government officials to formulate the detailed changes necessary to the Scheme’s Rules to protect members’ bonus pensions.  Due to the complex nature of the Scheme’s Rules this may take some time to complete.  We will keep members informed of progress through Pensions Newsline and the MPS website.

In the meantime, the Trustees would like to reassure members that, as a result of what was achieved at the last actuarial valuation, each member’s total pension is guaranteed to increase steadily until September 2023.