The announcement of the 'McCloud Remedy' on the 4 February 2021 will naturally raise many questions, and our team is now studying the finer details of the Government's decision and documentation.
There has been, understandably, a flurry of enquiries from Members who want to know how they will be affected, and when calculators will be available etc. If your enquiry relates to this issue we would like you to please note the following;
We will only be able to assist with any specific McCloud queries once MoD has created the framework, both practical and legislative, that will enable them to start corresponding with affected pension scheme members. Once the initial communications from MoD have been issued we will be pleased to help with guidance/signposting. Read MoDs announcement here.
It may well be several months before the enabling legislation can be put in place and is likely to be at the end of 2021/start of 2022.
We will of course, continue to refresh the Members area of our website with new reference information and guidance, as it becomes available, including updating our McCloud FAQS.
Meanwhile, the Treasury has produced this 3 page 'at a glance' guide which you may find really useful at this stage. In it you will find details on: who is affected; what next; future pension provision; timeline and FAQs.
Click image to read