The Ministry of Defence has today released an ‘update on McCloud with additional guidance’ following initial technical discussions held on 6 February. Our CE, Neil Marshall, attended and has provided the following update...
''Technical discussions are being undertaken throughout the Spring by all Public Sector Pension Schemes. The aim is to gather stakeholders’ initial views on the potential options which will be presented to HM Treasury to help them prepare for the full public consultation later in the year. This public consultation will provide stakeholders with the opportunity to input their views more formally and set out more developed proposals for consideration – known as the ‘remedy’.
In relation to the Government’s proposed remedy for the Armed Forces Pensions Schemes, the Forces Pension Society will apply three tests. These are that the remedy:
(1) unequivocally addresses the discrimination contained in the 2015 Scheme’s transitional arrangements;
(2) in relation to the remedy period, provides the Member with the same unequivocal assurance that no one will be worse off and that those with accrued benefits will keep them;
(3) provides the Member with the full understanding and opportunity to make informed decisions about their financial future.
The whole purpose continues to be that the remedy agreed is appropriate, fair to those discriminated against and covers the entire ‘affected population’; serving and veterans.In the meantime please keep reading the updates on our website and social media and disregard the many rumours that are circulating, particularly those about decisions having already been made because for the AFPS this is not the case.''
The text of the MoD’s update can be found at this link