I said;
.. and the consequences of the scheme cost cap being breached remain a worry.
The government has just released details of the cost cap mechanism which seem to be set to be reviewed in 5 years or so. As expected, the fallbacks and potential impact is pretty much as expected.
https://www.gov.uk/government/upload...ons_130314.pdf
"Costs may be rebalanced by amending scheme benefits for future accruals to alter the overall cost of the scheme, or by altering the level of employee contributions so that a higher or lower level of employer contributions is required. Scheme regulations will set out a process for agreeing the necessary action with stakeholders, and a default action to be taken if agreement cannot be reached within a reasonable time limit."
This might mean that the '15 scheme accrual rate (1/47) is amended in keeping with the Act to keep costs down. In English, this means that the way that your income is delivered isn't changed and the age that you get it isn't changed.. but the pace that your 'pot' grows does slow down.
I was thinking how Reservists are now part of the same scheme as Regulars. Could a convenient consequence of that be that in 'x' years, more and more people are transferred to the Reserves (à la USAF) so that furthers savings are made and for scheme membership to be maintained?