Public sector Pension Schemes update October 2024

Members of Public Sector Pension Schemes will have received, or will shortly be receiving, a remedial pension saving statement from their pension scheme, detailing the amended growth in that scheme between 1 April 2015 to 31 March 2022. 

Action may need to be taken as a result of receiving this statement, in that members would need to inform HMRC of any changes to previously reported annual allowance tax charges, or report details of a new charge.

There are differing deadlines depending on individual circumstances, but the first deadline is 31 January 2025 and therefore prompt action should be taken.

The McCloud remedy will impact anyone who transitioned to the reformed Public Sector pension scheme when it was introduced in 2015, or at a later date if you had tapered protection. As this transition was ruled to be age discriminatory, members' benefits have been amended to revert membership from the transition date through to 31 March 2022 back into the legacy scheme, which has led to the pension growth figures needing to be recalculated and the remedial statements being sent to members.

If you have received a statement from your pension scheme, please do get in touch and we can discuss next steps with you.