McCloud Judgement

Pipkin1812

Has anyone worked out if there are any implications for protected retirement dates?  This is information that would potentially affect when you ask for a final estimate. My understanding is that you would be given a choice about which scheme to go with but only when you decide to retire, but could this could be too late. 

pat1976

I think they are planning to report both figures in the annual benefit statement (presumably making it clear you don't get both). So as you near retirement you can see where you are.

jamjar92

I believe they have until September 2023 to have systems in place. So it might not be until 2024 before the statements show both possible figures. I do not believe they have a process in place yet to deal with members already or retiring before 2024.

Pipkin1812

Thanks is for the replies. I’m thinking that if I take early retirement it would affect reduction figures as under previous scheme NPA was 65 but CARE is 67. Decision on when to retire might have to be made before 2024. Do you think  my Pension Section would have to respond directly to those individuals that this impacts prior to 2024?

Dazed_and_C0nfused

You should be able to work out roughly what you would accrue in each scheme (whichever yours are) and then apply the relevant actuarial reduction factors to each if you are planning on retiring before the normal pension age of each scheme.