Early Retirement Buy Out Reduction (ERBBO)

Please see the statement received from the SPPA

On 16 March SPPA wrote out to all scheme members who had either no protection or tapered protection setting out the changes being introduced from 1 April 2015. Enclosed with each letter was a leaflet which included details of the Early Retirement Buy Out Reduction and that there is a time limit of 6 months to request this option.

The 20 day turnaround time is a target set by SPPA and is not set out in the regulations nor any scheme literature. Any application received up to and including the period of 6 months from the date of joining the scheme will be accepted.  In addition, where an enquiry is made within 6 months of joining the scheme which results in a quote being issued by SPPA outside the 6 month time limit,  then any subsequent election made within a reasonable time of that quote being issued can be accepted. The scheme regulations provide for an extension of time limits and elections received after the 6 month time limit in these circumstances will be considered under that discretion.