NHS pension statements in light of McCloud

DoublePolaroid

My pension statement has very recently been updated to reflect the McCloud judgement and my membership prior to 2022 has reverted back to the 1995 scheme.

As I had anticipated, this actually leaves me worse off (though the specific and currently unknown age I retire will affect this calculation). I'm not concerned about that in the slightest as I understand that I will be in a position to choose whether to remain in the legacy scheme for the remedy period or revert back to the 2015 scheme when I retire as I'll be given the choice at that time.

I do though like to plan as accurately as I can and whilst I am able to roughly model the growth of my pension going forward as if I had not reverted to the '95 scheme, I would ideally like to have accurate statements to reflect my position had I not been reverted back to the legacy scheme, on an annual basis.

My questions are, is there a statutory requirement for public sector schemes to provide dual statements eventually, one each for the different positions? If (as I suspect) not, is anybody aware if NHSBA has any plans to offer this to members, prior to the time of making the decision (i.e. at retirement)? It's likely a forlorn hope but I figured the question is worth a punt.

hugheskevi

All schemes must issue Remedy Savings Statements by 31st March 2025. These set out pension under both 2015-22 options. 

Schemes must then issue combined Annual / Remedy Savings Statements each year by 31st August to active members, and statements to deferred members on request.

Dazed_and_C0nfused

Is the Remedial Service Statements section here what you're looking for?

https://www.nhsbsa.nhs.uk/employer-update-public-service-pension-remedy-mccloud-september-2023

DoublePolaroid

Thank you both. This forum is excellent. I managed to miss that part of the website D&C, despite becoming very familiar with it in recent years.

r2i

You have to take a decision when you retire. You will have both options to compare. So don't worry! Mine looks better in legacy scheme for now.