To bring about the changes, legislation is needed to reform the two final salary schemes CNPP and Magnox ESPS. The Bill containing the reform (Energy Bill 2022) has completed its legislative process receiving Royal Assent 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.
Your employer, the NDA, the UK Government, and the CNPP and Magnox Trustees are working to ensure that CARE goes live on 1 April 2024 as planned. We will continue to monitor the situation and If there are any developments that necessitate a change to the plan we will notify you.
The reform will deliver savings to the NDA budget which will be used to support the NDA mission to clean up the UK’s earliest nuclear sites safely, securely and cost effectively.