This article is relevant for transition members with pensionable membership as a Practitioner member in either the 1995/2008 or 2015 Scheme and an Officer member in the 1995/2008 Scheme.
In the 1995/2008 Scheme, practitioner flexibilities enable certain periods of non-practitioner membership to be treated as though they were practitioner membership for the purposes of the pension scheme. There are no practitioner flexibilities in the 2015 Scheme; however, practitioner transition members have some protection through the Flexibility Value Earnings Credit (FVEC).
The FVEC represents the value of the flexibilities as at the last day of membership of the 1995/2008 Scheme. The value of the FVEC is uprated each year. When calculating 1995/2008 Scheme pension benefits the pension amount used is the higher of the uprated FVEC pension and a separate Officer final salary pension. This applies when valuing the pension both at retirement and each year when the pension is valued for Annual Allowance purposes.