HM Treasury consultation on the McCloud remedies and future pension provision

The FDA is continuing to develop its response to the HM Treasury consultation on the policy options for the McCloud remedies and future pension provision.

As previously notified, the consultation relates to the options that the government is considering to remove and remedy the discrimination found in the transitional arrangements to the 2015 scheme and the future of pension provision. The consultation will close on 11 October 2020.

We are attending a range of stakeholder meetings and seeking external pensions advice on the consultation – in particular the two options presented – to help in the development of our response. Due to the technical nature of the consultation and the very specific set of questions on key policy decisions, we will be issuing a survey to members along with our draft consultation response, in order to capture members’ views and comments. We want to ensure that scheme members gain the best possible pension on retirement, and with there being no single solution for everyone, we want you to maximise your choices at the right time after April 2022.

We have had a number of emails seeking guidance on which of the options members should opt for. For clarity, no pension scheme members are being asked to make a personal choice on the options at this time. The purpose of the consultation is to determine the policy direction of the government in relation to the remedy and future pension provision.

We are updating the FAQs and will continue to keep members fully updated.