Exchanging pension for lump sum, 23 February 2024
Following the introduction of CARE you will be able to take some of your pension as a tax-free lump sum when you access your benefits. An explanation and some worked examples of how the tax-free lump sum is calculated can now be found on a new Exchanging pension for lump sum page.
CARE presentations available to watch, 11 January 2024
For employees unable to attend presentations provided by your employers, access to CNPP and Magnox ESPS versions are now available on the About the Reform Page.
NDA pension reform legislative update, 26 October 2023
The Energy Bill, which contains NDA pension reform, has completed its passage through the UK Parliament and now becomes law. This will be followed by a set of regulations, to be considered by the UK Parliament, that need to be in place before the changes can go-live.
Pension reform introductory video, 24 October 2023
A short explanatory video, Pension scheme changes: what does it mean, can now be found on Changes to your pension: an introductory video page.
Calculator for personalised estimate, 18 October 2023
A calculator for understanding what CARE means to you personally is now available for use on the What the change means to you page. The calculator will provide an approximate comparison of the pension benefits pre and post the introduction of CARE. It will help you better understand the impact on your retirement benefits of moving from final salary to CARE.
You will need to enter some basic information and the calculator will guide you to where you can find this. It will show an estimate of pension and lump sum benefits at the your normal pension age (NPA).
NDA pension reform guidance booklet 9 October 2023
A booklet containing information about the change to your pension is now available on the What the change will mean to you page. A copy will be sent on 13 October 2023 to each employee affected by the change.
NDA pension reform legislative update 5 July 2023
The Energy Bill, which contains NDA pension reform, has completed most of its passage through the UK Parliament with the remaining stages expected to be completed before Parliament breaks for summer on 20 July. The Government now anticipates that the final step of the Energy Bill becoming law, the granting of Royal Assent, will take place during September or October. Although later than originally planned, the timing should not have any impact on the new CARE scheme going live in April 2024. We will continue to provide updates.