On 1 April this year a new judicial pension scheme opened, the Judicial Pension Scheme 2022 (JPS 2022). This delivers on the Ministry of Justice’s commitment to secure a long-term pensions-based solution to address the recruitment and retention issues in the judiciary.
Previous public sector pension reforms impacted the judiciary disproportionally, which has led to recruitment challenges. To resolve this, the Ministry of Justice has created a scheme which is unparalleled in the public sector, representing a significant investment in the judiciary. It is anticipated that the benefits of this new pension scheme will help to attract and retain high calibre applicants to the judiciary.
JPS 2022 returns judges to a tax-unregistered pension scheme and has been designed to ensure that judges in all pay groups will benefit from the scheme and that the scheme delivers a more generous pension than the 2015 Judicial Pension Scheme. More details about the scheme can be found here documents (mypension.com)
The new scheme is the result of the support of successive Lord Chancellors and many years of work from officials in the Ministry of Justice and Judicial Office, and the Judicial Pensions Committee.