Very informative thank you. I do note though that special class status in the 1995 section of the pension is never mentioned, and people still hold it even though it's not awarded any more due its abolition post 90's. For example, I still hold special class status. This allows you to retire at 55 on full benefit. some people have it and don't have a clue because they aren't told.
Very well explained ...as a firefighter who retired in Jan 2020 with tapered protection until 2017 I've yet to be offered an opportunity to take those 3 years as legacy scheme.... Nearly five years ago!
Can you please explain how it's a REMEDY please? The 1987 Police pension accrues at 1/60th for the first 20 years and then 2/60th for the last 10 years. The 2015 accrues at 1/55.3 through your career average. So anyone (like me) who has 20+ years in 2022 afyer the Legacy Remedy period will miss out significantly. Or am I missing something? Not to mention the Pension Trap and losses to be sustained due to this?!!! Appreciate any help or advice you can offer 😊
Hello and I enjoyed your videos very much . I wondered if you could help me with a query .I joined the NHS in 2008 and was enrolled in that scheme.I didn't choice to be moved into the 2015 as I recall.I also seem to have the 2015 scheme also and continued paying into this until 2020 when I was proven by a employment Tribunal to be unfairly dismissed . I have to do a schedule of loss in regards my pension losses and any contribution from my employer stopped from my dismissal. What I an unsure of is the affect of the Mcloude judgement would have fo me now I have no more job with them and how do apply this in regards to the loss of my 2008 and 2015 pension . Thank you
Hi, I left the RAF in 1989 where I flew as 'specialist aircrew'. I was on a short service commission and the normal age to leave was 38 but the RAF was short of aircrew and introduced the specialist aircrew system. We would continue to fly or do jobs immediately concerned with flying to age 55 but with very limited promotion prospects. To compensate for the lack of promotion opportunity we were paid extra flying pay. When I left the RAF I discovered that my pension was based on my basic pay only and ignored my flying pay. MoD claimed that "flying pay" was an allowance and not pay. A group of us sought legal advice but we couldn't find a barister who would represent us. Since my pension is based on my final salary do you think it could be contested that my final salary should have included my flying pay ?
Ok informative, but this leaves me with one question, What happens to my AVC (Additional Voluntary Contribution) which i have paid for about 10 years . Will i still be purchasing added pension years if so in what scheme 2007, 2015, on the new scheme..
So can I ask with the career average scheme (e.g. Alpha), is that a career average starting from when you entered the scheme (01 Apr 15) or from when you started your entire career, e.g.1990? Thanks for your video, very helpful.
Hi, It would be from when you were moved on to the scheme. It is likely to be April 2015, but this won't be the case for everyone. Some pensions were fully or partially (known as tapered protection) protected from the move. If you have had a pension throughout your career, it's likely you have a separate pension benefit to account for your contributions from the 1990s to 2015 (assuming you were not protected). Hope that makes sense. Let me know otherwise. Thanks
@@FinancialMadness thank you. Yes, that's right and I believe would be a better outcome. I contributed to Classic for just over 25 years, then into Alpha after that from 01 Apr 15. In years to come I'll be presented with the choice of options under the Mccloud Remedy judgment. Thats many years away yet, but of course, we should all be getting our ducks in a row as early as possible. Thanks for coming back to me. 😀
Just wondering - have you any information about back dated interest, income tax etc. if people who have already retired change schemes. I took early retirement in June 2015, so the remedy period only covers 61 working days in my case but the amounts could be more significant for someone who retired a few years later. Immediate thought is the new scheme would reduce my tax-free lump sum, but increase my pension slightly (so I would owe a back dated increases in income tax for 2015/16 onwards). I would also owe the increase in contributions from 2015/16 as well. Assume all of these would have to be back dated, with interest applied? Could they make a more complicated choice? I'll probably stay on the legacy scheme to keep things simple since the amounts are pretty immaterial in my case.
Hi. Thanks for this. I've been waiting for the info from TPS to let me know how I'm affected. The only info I do get is that my pension from the legacy scheme fluctuates as my best 3 years are not necessarily in the last 10 years now we have moved past march 2022. Should the dates and salary calculations only include contributions up to March 2022?
My wife started the Civil Service in 1986 aged 19. In 2016 she took her partial retirement at 50. she has since taken early retirement aged 56 in September 2022. Does she have to do anything or just wait for a letter from the Government? Thank you!
Hi, I joined the nhs 1995 pension scheme in 1999. I was moved to the 2015 scheme but retired early when I was 54 from my full time post . I had a 43% reduction in my pension. Will I still qualify for a rebate even though I have retired. I still work as a bank nurse for the NHS. Thank you.
@FinancialMadness in 2015 they moved me. I think it was September time. I paid into the 2015 one until May 2019. By then my 1995 pension scheme was frozen.
Nice vid - I'm looking at maybe becoming a border force agent 2022 (& taking a big pay cut from driving a wagon which I can only justify by having a good pension) just wondering is the care scheme still valid today 2022? Also having paid NI for 25 hrs would I still be entitled to state pension also? Thanks 👍👍👍
Hi, thanks for the compliment. Erm, I am not sure the details around a Border Force Agent Pension is sorry - I tried googling and there doesn't seem to be much information. As this is a public sector role, it is likely to be a version of the CARE Scheme - however I can't say for sure. Do you have any links that I check out and get back to you on? And yes you would qualify for State Pension, the minimum requirement is 10 years of NI contributions, with the maximum pay-out given to those who have done at least 35 years.
Your videos are amazing, thanks for all the explanations. While I was watching them a lot of thoughts came into my mind. I am new in the UK (sorry for my English) and I´m going to work in the NHS in the next months, and I will try to get the highest salary as soon as I can. The question is: I am 37, so I am very old to start my contribution, but that is what I got, but let´s say I want to retire when I´m 60, I understand I can´t do it anymore because I will get the 2015 scheme, right? Or is it possible to retire when I´m 60 if I have SIPP? What happens if in the middle of the way I become blind? (this sounds like out of the context question, but there are cases in my family, I´m just worried).
Hi Ana, Thanks for your comment and the kind words and I am happy that you found the content useful. With regards to your questions (by the way, your English is perfect :)) So when you are on the 2015 Scheme the Normal Pension Age (which is the age at which you can retire) follows the UK State Pension Age which is between 66-68 depending on when you are born. But you can retire earlier than this if you wish, but doing it before your Normal Pension Age will mean you incur a penalty. The earliest you can retire is called the Minimum Pension Age and this currently stands at 55, so your target of 60 will be allowed here. I answer this question in more detail in this video if you want more clarity: ruclips.net/video/jiJNecxa7AA/видео.html You can also have a SIPP as well which can be a good alternative. The earliest you can claim without any penalty is 55 with it soon turning to 57. As for your last question you can apply to access your NHS pension due to ill health, however, I wasn't able to find a list of what is considered "ill health". *But the NHS Guide says you are eligible if: • retire from employment because of illness or injury, and • have a physical or mental infirmity that makes you permanently incapable of efficiently carrying out the duties of your NHS job.* And I believe blindness will fall into both categories. However, it is always worth speaking with your employer for confirmation. I hope this makes sense, let me know if you have any further questions. Thanks
Hi, I'm in NHS 1995 section from 1997, I changed to 2015 through tapered protection in 2019. I am 60 this August and will be taking my 1997 pension. How does the McCloud remedy affect me? will I be offered the choice this August or when my 2015 section is due (age 67)?
Very confusing. I work in the NHS. I Will have 39 yrs service in and I’ll be 57yrs old in Nov 2202. So still too early to go without penalty (is it 5% for each year before I’m 60?) On the NHS ESR site, it still doesn’t show the figures with the mcloud 7yrs extra calculated. So difficult to make an informed choice. Do you think this will be resolved in Oct?
I took early retirement from the NHS at the age of 56 last year. This meant I retired 4 years early from the 1995 scheme and 11 years early from the 2015 scheme. I took the maximum lump sum from both schemes (reduced for early retirement). What does this mean for people who have already retired. Thank you
It means you are due to receive a choice between the two pensions once they work out what each one offers. And naturally, you will pick the most financially lucrative. October 2023 is when they have to have this sorted by as you fall in the category of “immediate detriment”. You should also be able to challenge the fact that your choice to retire may well have been different if you had known that your legacy scheme was going to run into 31/03/2022 so make sure you make those noises and bang that drum.
So many of.the armed.forces were forced from final.salary scheme to 2015, in 2015. At that point I personally had 15 years service. The remainder 7 years till 2022 (now left) was on 2015. My understanding is that I will be able to.revert my whole pension back to final salary and as armed forces are.in receipt of pension from the day they.leave (if.they do full.22 years+) I should see a increase (of.what god knows) and backpack if any ( lump sum on old and new.combined) was more than legacy. Is this correct and great video
Hi there, Thank you for the compliment, I am glad you found it helpful. Yeah this sounds correct. Just one small correction, your pension won't revert back to the previous final salary scheme for the years 2015-2022. Instead, you should receive the option to choose from which scheme you would like to claim from for that time period. And obviously, you will go with the option that makes the most money sense (most probably this will be going with the final salary scheme rather than CARE)
Great video, I've smashed the like. I'm 60 this year and i'm on the 95 and 2015 schemes. Can I opt for everything to go to 95 scheme, retire at 60 and use my present salary to calculate the numbers?
Hi there, Thanks for the Like smash! Glad you found the content helpful. When you say "everything", you mean the years that were unlawfully moved onto the 2015 scheme? If so, then yes you will get the option too :)
Yeah of course. The normal pension age is just the minimum age you can claim (with out penalty). There is nothing stopping you to defer this to a later date and work a bit more
Hi. Having left NHS pension scheme at age 52...ie I took 24 hr retirement.... (was a member of both the 1995 and 2008 sections), am I right in assuming I will offered the option soon to take the money held in the 2008 section or defer taking it?
Hi there great question! If you have left the Pension Scheme, you will be considered as a Deferred Member so there is a form that you will need to fill out and send to the Pension Team, when you are ready to claim. Check out my earlier video where I address this question (timestamp: 8:01) ruclips.net/video/jiJNecxa7AA/видео.html The form you need is the AW8P Form: www.nhsbsa.nhs.uk/sites/default/files/2022-02/AW8P%20%28V21%29%20-%2002.2022.pdf
@Financial Madness Thanks.Forgot to mention that I am 54 yrs old. Under the 1995 section I could take my pension from age 50 which I did. Under the 2015 in which I have about 5yrs on pension contributions,I could not access this section of my pension (without a tax penalty) I believe...My question is, how does the MCCLOUD judgement affect me regarding ability to access these 5yrs of contributions?. Cheers.
@@mystikal518 Depending on the circumstances of when you were transferred to 2015 Section. (I.e. did you have Tapered Protection etc.). You should receive a comparison of what your Benefits in the 2015 Scheme vs your Legacy Scheme and you can take whichever works best for you. However, if the reason of why you are in the 2015 Scheme is because you had a gap in service and when you returned you were enrolled in the 2015 Scheme, the McCloud Judgement may not affect you. I hope that makes sense.
If retiring before Oct 2023 after normal pension age of 55 has Passed and taking legacy scheme benefits but then returning to work part time in NHS, will I still be contributing to the 2015 scheme or do contributions cease once the initial pension is be received? Many thanks
Hi Dean, Just so I understand correctly. Your question is what scheme will you be contributing if you were to retire after your minimum pension age of 55 (the normal pension age is 60, 65 or same as State Pension) and began claiming on your legacy benefits but you decided to return to work for the NHS Part Time and re-join the scheme? I hope I understood it correctly. If this happens after April 2022, then you will be contributing to a 2015 Scheme as all Legacy Schemes will be closed for any further contributions. If its before this, then let me know and I can do some further digging. Many Thanks Kozan
Great video. So does this mean that although the final salary scheme finishes in April this year (I'm a teacher), the judgement implications have to be in place by October 2023. Just wondering when it will all be up and running so I can decide when I will retire
Thanks for the comment, I am glad you thought so. So from April 2022, the only scheme available will be the 2015 Scheme. For anyone retiring before October 2023 and are affected by the McCloud Judgement (i.e. the remedy period), the government will adjust you Pension Benefits retrospectively to ensure you received the correct benefits. But this may only happen after October 2023, for regulatory reasons.
Hi, Apologies for the delay. Taking a small hiatus from RUclips to focus on my day job. But will be back in the next couple of weeks. Yes I do offer 1on1 sessions, if you are able to pre-submit any questions you have to financialmadness1@gmail.com we can take it from there.
Had no idea about this. Very talented teacher. Thanks.
Very clear explanation, so thank you. I am one of those who will receive a letter detailing my options and this video makes everything clearer.
Very informative thank you. I do note though that special class status in the 1995 section of the pension is never mentioned, and people still hold it even though it's not awarded any more due its abolition post 90's. For example, I still hold special class status. This allows you to retire at 55 on full benefit. some people have it and don't have a clue because they aren't told.
Very well explained ...as a firefighter who retired in Jan 2020 with tapered protection until 2017 I've yet to be offered an opportunity to take those 3 years as legacy scheme.... Nearly five years ago!
Very good - thank you.
Thank you. I am glad you found it helpful.
What happens to people that bought back years? Will those years be acknowledge in the 1995 scheme or the 2015?
Can you please explain how it's a REMEDY please? The 1987 Police pension accrues at 1/60th for the first 20 years and then 2/60th for the last 10 years.
The 2015 accrues at 1/55.3 through your career average.
So anyone (like me) who has 20+ years in 2022 afyer the Legacy Remedy period will miss out significantly. Or am I missing something?
Not to mention the Pension Trap and losses to be sustained due to this?!!!
Appreciate any help or advice you can offer 😊
Hello and I enjoyed your videos very much . I wondered if you could help me with a query .I joined the NHS in 2008 and was enrolled in that scheme.I didn't choice to be moved into the 2015 as I recall.I also seem to have the 2015 scheme also and continued paying into this until 2020 when I was proven by a employment Tribunal to be unfairly dismissed . I have to do a schedule of loss in regards my pension losses and any contribution from my employer stopped from my dismissal. What I an unsure of is the affect of the Mcloude judgement would have fo me now I have no more job with them and how do apply this in regards to the loss of my 2008 and 2015 pension .
Thank you
Very informative thank you
Thank you, I am glad it was helpful
Hi, I left the RAF in 1989 where I flew as 'specialist aircrew'. I was on a short service commission and the normal age to leave was 38 but the RAF was short of aircrew and introduced the specialist aircrew system. We would continue to fly or do jobs immediately concerned with flying to age 55 but with very limited promotion prospects. To compensate for the lack of promotion opportunity we were paid extra flying pay. When I left the RAF I discovered that my pension was based on my basic pay only and ignored my flying pay. MoD claimed that "flying pay" was an allowance and not pay. A group of us sought legal advice but we couldn't find a barister who would represent us. Since my pension is based on my final salary do you think it could be contested that my final salary should have included my flying pay ?
Ok informative, but this leaves me with one question, What happens to my AVC (Additional Voluntary Contribution) which i have paid for about 10 years . Will i still be purchasing added pension years if so in what scheme 2007, 2015, on the new scheme..
So can I ask with the career average scheme (e.g. Alpha), is that a career average starting from when you entered the scheme (01 Apr 15) or from when you started your entire career, e.g.1990? Thanks for your video, very helpful.
Hi,
It would be from when you were moved on to the scheme. It is likely to be April 2015, but this won't be the case for everyone. Some pensions were fully or partially (known as tapered protection) protected from the move.
If you have had a pension throughout your career, it's likely you have a separate pension benefit to account for your contributions from the 1990s to 2015 (assuming you were not protected).
Hope that makes sense. Let me know otherwise.
Thanks
@@FinancialMadness thank you. Yes, that's right and I believe would be a better outcome. I contributed to Classic for just over 25 years, then into Alpha after that from 01 Apr 15. In years to come I'll be presented with the choice of options under the Mccloud Remedy judgment. Thats many years away yet, but of course, we should all be getting our ducks in a row as early as possible.
Thanks for coming back to me. 😀
No problem. Glad I could help!
Couldn't agree more, it's always good to know what is coming our way!
Just wondering - have you any information about back dated interest, income tax etc. if people who have already retired change schemes. I took early retirement in June 2015, so the remedy period only covers 61 working days in my case but the amounts could be more significant for someone who retired a few years later.
Immediate thought is the new scheme would reduce my tax-free lump sum, but increase my pension slightly (so I would owe a back dated increases in income tax for 2015/16 onwards). I would also owe the increase in contributions from 2015/16 as well. Assume all of these would have to be back dated, with interest applied?
Could they make a more complicated choice? I'll probably stay on the legacy scheme to keep things simple since the amounts are pretty immaterial in my case.
Hi. Thanks for this. I've been waiting for the info from TPS to let me know how I'm affected. The only info I do get is that my pension from the legacy scheme fluctuates as my best 3 years are not necessarily in the last 10 years now we have moved past march 2022. Should the dates and salary calculations only include contributions up to March 2022?
My wife started the Civil Service in 1986 aged 19. In 2016 she took her partial retirement at 50. she has since taken early retirement aged 56 in September 2022. Does she have to do anything or just wait for a letter from the Government? Thank you!
Hi, I joined the nhs 1995 pension scheme in 1999. I was moved to the 2015 scheme but retired early when I was 54 from my full time post . I had a 43% reduction in my pension. Will I still qualify for a rebate even though I have retired. I still work as a bank nurse for the NHS. Thank you.
Hi Helen,
When were you moved to the 2015? That should help me determine if you would be eligible?
Many Thanks
Kozan
@FinancialMadness in 2015 they moved me. I think it was September time. I paid into the 2015 one until May 2019. By then my 1995 pension scheme was frozen.
Nice vid - I'm looking at maybe becoming a border force agent 2022 (& taking a big pay cut from driving a wagon which I can only justify by having a good pension) just wondering is the care scheme still valid today 2022? Also having paid NI for 25 hrs would I still be entitled to state pension also? Thanks 👍👍👍
Hi, thanks for the compliment.
Erm, I am not sure the details around a Border Force Agent Pension is sorry - I tried googling and there doesn't seem to be much information. As this is a public sector role, it is likely to be a version of the CARE Scheme - however I can't say for sure. Do you have any links that I check out and get back to you on?
And yes you would qualify for State Pension, the minimum requirement is 10 years of NI contributions, with the maximum pay-out given to those who have done at least 35 years.
Your videos are amazing, thanks for all the explanations. While I was watching them a lot of thoughts came into my mind. I am new in the UK (sorry for my English) and I´m going to work in the NHS in the next months, and I will try to get the highest salary as soon as I can. The question is: I am 37, so I am very old to start my contribution, but that is what I got, but let´s say I want to retire when I´m 60, I understand I can´t do it anymore because I will get the 2015 scheme, right? Or is it possible to retire when I´m 60 if I have SIPP? What happens if in the middle of the way I become blind? (this sounds like out of the context question, but there are cases in my family, I´m just worried).
Hi Ana,
Thanks for your comment and the kind words and I am happy that you found the content useful.
With regards to your questions (by the way, your English is perfect :)) So when you are on the 2015 Scheme the Normal Pension Age (which is the age at which you can retire) follows the UK State Pension Age which is between 66-68 depending on when you are born.
But you can retire earlier than this if you wish, but doing it before your Normal Pension Age will mean you incur a penalty. The earliest you can retire is called the Minimum Pension Age and this currently stands at 55, so your target of 60 will be allowed here. I answer this question in more detail in this video if you want more clarity: ruclips.net/video/jiJNecxa7AA/видео.html
You can also have a SIPP as well which can be a good alternative. The earliest you can claim without any penalty is 55 with it soon turning to 57.
As for your last question you can apply to access your NHS pension due to ill health, however, I wasn't able to find a list of what is considered "ill health". *But the NHS Guide says you are eligible if:
• retire from employment because of illness or injury, and
• have a physical or mental infirmity that makes you permanently incapable of efficiently carrying out the
duties of your NHS job.*
And I believe blindness will fall into both categories. However, it is always worth speaking with your employer for confirmation.
I hope this makes sense, let me know if you have any further questions. Thanks
Hi, I'm in NHS 1995 section from 1997, I changed to 2015 through tapered protection in 2019. I am 60 this August and will be taking my 1997 pension. How does the McCloud remedy affect me? will I be offered the choice this August or when my 2015 section is due (age 67)?
Very confusing. I work in the NHS. I Will have 39 yrs service in and I’ll be 57yrs old in Nov 2202. So still too early to go without penalty (is it 5% for each year before I’m 60?) On the NHS ESR site, it still doesn’t show the figures with the mcloud 7yrs extra calculated. So difficult to make an informed choice. Do you think this will be resolved in Oct?
I took early retirement from the NHS at the age of 56 last year. This meant I retired 4 years early from the 1995 scheme and 11 years early from the 2015 scheme. I took the maximum lump sum from both schemes (reduced for early retirement). What does this mean for people who have already retired. Thank you
It means you are due to receive a choice between the two pensions once they work out what each one offers. And naturally, you will pick the most financially lucrative.
October 2023 is when they have to have this sorted by as you fall in the category of “immediate detriment”.
You should also be able to challenge the fact that your choice to retire may well have been different if you had known that your legacy scheme was going to run into 31/03/2022 so make sure you make those noises and bang that drum.
So many of.the armed.forces were forced from final.salary scheme to 2015, in 2015. At that point I personally had 15 years service. The remainder 7 years till 2022 (now left) was on 2015. My understanding is that I will be able to.revert my whole pension back to final salary and as armed forces are.in receipt of pension from the day they.leave (if.they do full.22 years+)
I should see a increase (of.what god knows) and backpack if any ( lump sum on old and new.combined) was more than legacy.
Is this correct and great video
Hi there,
Thank you for the compliment, I am glad you found it helpful.
Yeah this sounds correct. Just one small correction, your pension won't revert back to the previous final salary scheme for the years 2015-2022. Instead, you should receive the option to choose from which scheme you would like to claim from for that time period. And obviously, you will go with the option that makes the most money sense (most probably this will be going with the final salary scheme rather than CARE)
Great video, I've smashed the like.
I'm 60 this year and i'm on the 95 and 2015 schemes. Can I opt for everything to go to 95 scheme, retire at 60 and use my present salary to calculate the numbers?
Hi there,
Thanks for the Like smash! Glad you found the content helpful.
When you say "everything", you mean the years that were unlawfully moved onto the 2015 scheme? If so, then yes you will get the option too :)
if you carry on working after you have reached the official retirement age can you still claim your NHS pension whilst you are working
Yeah of course. The normal pension age is just the minimum age you can claim (with out penalty). There is nothing stopping you to defer this to a later date and work a bit more
This includes Glasgow city council & the Strathclyde pension fund
Can I make a ERRBO for 1995 scheme to make extra years even tho it is closed for monthly contributions from salary?
Hi.
Having left NHS pension scheme at age 52...ie I took 24 hr retirement.... (was a member of both the 1995 and 2008 sections), am I right in assuming I will offered the option soon to take the money held in the 2008 section or defer taking it?
Hi there great question!
If you have left the Pension Scheme, you will be considered as a Deferred Member so there is a form that you will need to fill out and send to the Pension Team, when you are ready to claim. Check out my earlier video where I address this question (timestamp: 8:01)
ruclips.net/video/jiJNecxa7AA/видео.html
The form you need is the AW8P Form: www.nhsbsa.nhs.uk/sites/default/files/2022-02/AW8P%20%28V21%29%20-%2002.2022.pdf
@Financial Madness
Thanks.Forgot to mention that I am 54 yrs old. Under the 1995 section I could take my pension from age 50 which I did.
Under the 2015 in which I have about 5yrs on pension contributions,I could not access this section of my pension (without a tax penalty) I believe...My question is, how does the MCCLOUD judgement affect me regarding ability to access these 5yrs of contributions?.
Cheers.
@@mystikal518 Depending on the circumstances of when you were transferred to 2015 Section. (I.e. did you have Tapered Protection etc.). You should receive a comparison of what your Benefits in the 2015 Scheme vs your Legacy Scheme and you can take whichever works best for you.
However, if the reason of why you are in the 2015 Scheme is because you had a gap in service and when you returned you were enrolled in the 2015 Scheme, the McCloud Judgement may not affect you. I hope that makes sense.
@Financial Madness
Thanks for your response.
I was on the tapered protection with no gap in service.
If retiring before Oct 2023 after normal pension age of 55 has Passed and taking legacy scheme benefits but then returning to work part time in NHS, will I still be contributing to the 2015 scheme or do contributions cease once the initial pension is be received? Many thanks
Hi Dean,
Just so I understand correctly. Your question is what scheme will you be contributing if you were to retire after your minimum pension age of 55 (the normal pension age is 60, 65 or same as State Pension) and began claiming on your legacy benefits but you decided to return to work for the NHS Part Time and re-join the scheme?
I hope I understood it correctly. If this happens after April 2022, then you will be contributing to a 2015 Scheme as all Legacy Schemes will be closed for any further contributions. If its before this, then let me know and I can do some further digging.
Many Thanks
Kozan
Great video. So does this mean that although the final salary scheme finishes in April this year (I'm a teacher), the judgement implications have to be in place by October 2023. Just wondering when it will all be up and running so I can decide when I will retire
Thanks for the comment, I am glad you thought so.
So from April 2022, the only scheme available will be the 2015 Scheme. For anyone retiring before October 2023 and are affected by the McCloud Judgement (i.e. the remedy period), the government will adjust you Pension Benefits retrospectively to ensure you received the correct benefits. But this may only happen after October 2023, for regulatory reasons.
Hi . Thanks for such a clear and informative clip! Do you provide private consultation? If yes, what is your email address?
Hi, Apologies for the delay.
Taking a small hiatus from RUclips to focus on my day job. But will be back in the next couple of weeks.
Yes I do offer 1on1 sessions, if you are able to pre-submit any questions you have to financialmadness1@gmail.com we can take it from there.
Fire brigades union won this