McCloud Support – Options Consultation Meeting
An online meeting (MS Teams) with one of our Pensions Consultants for (up to) 45 minutes to discuss your McCloud Remediable Service Statement (RSS)
Who does this apply to?
Any member of a public sector Pension Scheme on 1 April 2012 and 1 April 2015 as they will now have a choice whether their pension scheme membership for the Remedy Period which is the period between 1 April 2015 and 31 March 2022 (or date of leaving the scheme, if before 31 March 2022) is in either
- your legacy scheme (e.g. NHS 1995/2008, Civil Service Classic/Classic Plus, Premium), or
- the new CARE, Career Average Revalued Earnings Scheme (e.g. NHS 2105, Civil Service alpha)
It’s not as easy as old scheme good, new scheme bad as it depends on your individual circumstances.
You make the choice when you claim your pension for the Remedy Period. If you’ve already claimed for some or all of that pension, you’ll receive your options pack sometime before March 2027 – some schemes are already sending these out but it’s a lot of people so will take time.
What will I get?
We will help you to assess and understand both options – what each option would give you and enabling you to match the options against your personal circumstances.
If you’ve already claimed your pension for part or all of the Remedy Period, you have 12 months from the date they sent your options to make choose which scheme is right for you. Interest is added to any backdated amounts owed, or any repayment you owe.
We can also help you understand other consequences such as any basic Annual Allowance tax issues.
What's not covered?
We won’t provide pension calculations or full analysis of the Remedial Savings Statement you’ve received – if you need pension estimates, figures or modelling, or the figures checking, this is a separate service as lots of information is required to undertake calculations.
We don’t give financial advice, so cannot advise which option to take – we give you the knowledge to make your own decision.
If you have “complex circumstances” you may need a longer meeting/ preparation time. Complex circumstances include but are not limited to:
- Annual Allowance and other pensions tax issues
- Early retirement reduction buyout options (sometimes called an ERRBO or EPA)
- Pension sharing on divorce
We will let you know if we feel that your circumstances can’t be covered by a standard 45-minute consultation meeting and what your relevant paid-for options may be.
Who is my Pensions Consultant?
We have a small team of pensions experts – Laura, Kerry or Gilly will be there to help you.
How much does it cost?
Our charge for this service is between £250 + VAT which is £300
We’ll email you the invoice after your meeting.
You may be able to claim back the fee from your pension scheme if they agree they haven’t provided enough information for you to make your choice.
Do I need to send you anything before the meeting?
Yes, you can upload a copy of you RSS (Remediable Savings Statement) – scan or photos of the pages if you were sent a hard copy in the post. We’ll send you the link.
If you’ve booked a meeting but not provided the RSS in advance, the meeting will still go ahead and support may be limited. The full fee is still charged.
Do I have to remember everything from my meeting?
No, we’ll send you a summary note after the meeting.
