Anyone who is in now can elect to remain in the present scheme.
However, can anyone tell me if one would be obliged to sign up to the new scheme on promotion? i.e. does one need to sign up to new terms of service on promotion and does this then include the new pension deal? Seems like a poor deal if you are forced to go on to the new scheme.
Beware of any scheme that is "cost neutral"... If there is no new money going into the new scheme then they need to be making savings somewhere else.
On initial inspection it seems like a very poor deal for those with some time left to serve. After the new scheme is implemented any time then served will no longer be available as a deferred pension at 55, whether you elect to transfer to the new scheme or not (need to wait until 65 - I think, willing to stand corrected on the age). And of course you will need to serve for an extra 2 years to get the immediate pension if you transfer to the new scheme. And in return what do we get? Enhanced death in service benefits, also available to unmarried partners. I personally think it would be better staying on the old system and ensuring you have adequate life insurance for those you will leave behind.
All of the above reasoning is based on the premise that you are an officer. I think the scheme has very real benefits for NCOs and junior ranks. Main bonus being that pension comes after 18 years, not 22.
Thanks but no thanks Mr Blair. And the statement from CDS didn't mention any of these concerns...
SBW