In the case of Civil Service Pension Scheme members, the PCSPS schemes are classic, classic plus, premium and nuvos and the reformed scheme is alpha.
The main differences between the PCSPS and reformed schemes are transition into career average pension schemes from final salary schemes and an increase in normal pension age.
The change to career average means members’ pensions are now calculated on their average salary throughout their career as opposed to their final salary.
The reformed scheme was designed to make public service pensions more affordable and sustainable for the future, while still ensuring public servants received appropriate pension provision at retirement.
The reforms created a fairer system. The move from (mostly) final salary to career average pension means that members accrue pension at a typically higher annual rate based on their average salary. Although some members are better off in their PCSPS scheme, the reformed scheme is more beneficial for others, particularly many lower paid members.