TPR publishes McCloud guidance for public schemes

The Pensions Regulator (TPR) has recently published guidance for public service pension schemes on producing annual benefit statements over the next two years to reflect the McCloud remedy.

Public service pension schemes must provide relevant members with timely annual benefit statements by 31 August each year.

Scheme managers of such schemes, must, over the next two years, produce annual benefit statements and remedial service statements for members who are affected by the McCloud remedy.

TPR expects schemes to provide annual benefit statements to scheme members within the statutory timeframe wherever possible, especially those members whose benefits are unaffected by the McCloud remedy.

The government undertook further consultation which closed in June, on supplementary matters and scheme regulations concerning the McCloud remedy in the Local Government Pension Scheme (LGPS).

The Department for Levelling Up, Housing and Communities (DLUHC) published a consultation document which follows a previous consultation in 2020 on proposals to address the discrimination identified by the McCloud case and a response from April this year as to how it would manage the process.

In the new consultation the DLUHC is seeking additional views on a number of areas or addressing areas not covered in the 2020 consultation.

It is also seeking views on draft scheme regulations which would implement the McCloud remedy in the LGPS.