The main features of the proposed new scheme are:
- accrued rights protection
- statutory based transitional protections for certain categories of members
- retirement from the scheme’s Normal Scheme Pension Age of 55 for all active members
- a pension scheme design based on career average revalued earnings
- new governance arrangements in respect of the 2015 scheme and connected schemes
The consultation ran from 6 October to 30 November 2014.