Pension benefits for members in the SLC CARE arrangement
On the 1st April 2024, the SLC section of the Magnox Group was reformed to a Career Average Revalued Earnings (CARE) benefit.
From this date, active members (those current employees who are paying into and building benefits up in the scheme) will start to build up pension benefits on a CARE basis. The pension benefits you have built up before that date are unaffected and remain final salary benefits and you retain a final salary link to those benefits.
If you left the scheme or retired before 31st March 2024 you are not affected by this change.
You can fund further information in your member booklet and the factors guide below.
If you have any questions please contact Railpen.
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