If you’ve a Faster Accrual election you wish to renew, or you’d like one to start from 1 April 2022, it’s important to note that your application will need to be processed by 31 March 2022 (please ensure you leave enough time for your employer to complete their part of the application). The easiest way to complete the application is via the web form on My Pension Online.

You can find out more about Faster Accrual here. We also have a helpful factsheet (PDF, 131 KB) (This link opens in a new window).

Important information for final salary members

The final salary scheme is closing on 31 March 2022. 2022, If you’re currently in this scheme, you’ll have the opportunity to take this flexibility for the first time. While you’ll not transition to the career average scheme until 1 April 2022, we’ll accept Faster Accrual (and Buy out) elections now, prior to you entering into the career average scheme, to take effect from 1 April 2022.

Any pension flexibilities elections you apply for today will take effect in the career average scheme. The only exception to this is if you wish to purchase an additional pension election via a one-off lump sum payment. In this case, if the payment is made by 31 March 2022, then the additional pension election will be in the final salary scheme. If the payment is made after 31 March 2022, then the additional pension election will be in the career average scheme.