The announcement of the 'McCloud Remedy' on the 4 February 2021 has naturally raised 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.
Meanwhile We have made a presentation to the MoD Armed Forces Pension Board setting out three key criteria against which we will judge the success of the implementation of the remedy.
- everyone affected by the remedy will be given sufficient time and information for them to make a fully informed decision;
- for serving personnel, timely and appropriate enhancements to the AFPS pension calculator will be made to help individuals forecast their likely benefits;
- those affected by the remedy who have so called ‘complicating factors’ including Pension Sharing Orders, Medical Discharge, Abatement, Death in Service or in Retirement, AVCs/Added Pension and Pension Taxation (Annual Allowance, Lifetime Allowance) should be able to access further information and guidance from the pension administrator, Veterans’ UK
This initiative is in line with the Society’s practice of holding governments to account on behalf of our Members and the wider Armed Forces Community.
We will of course, continue to refresh the Members area of our website with new reference information and guidance for our Members as it becomes available, including updating our McCloud FAQS.
You can read our entire McCloud news archive here