What is the 2015 Remedy?

The 2015 Remedy is the term used for the pension scheme changes announced by the UK government. This was in response to the 2018 Court of Appeal ruling that found the pension scheme reforms introduced on 1 April 2015 discriminated against younger members of the legacy schemes.

How will the McCloud Judgement affect my pension?

The McCloud remedy will remove the age discrimination that was judged to have arisen in public service pension schemes, including the NHS Pension Scheme. To ensure equal treatment going forward, all active members of the NHS Pension Scheme will be in the 2015 Scheme from 1 April 2022.

What is McCloud legislation?

The government has laid proposed primary legislation, the Public Service Pensions and Judicial Offices Bill before Parliament to implement changes in public service pension schemes to remedy the discrimination identified by the McCloud judgment. The bill was introduced into the House of Lords on 19 July 2021.

Are civil service pensions good?

Key Facts. Civil service pensions were once thought to be very generous, but the civil service pension scheme is now broadly similar to the better private sector schemes. As a result, those few civil servants who earn generous salaries do retire with equally generous pensions.

When did alpha pension start?

1 April 2015
A new pension scheme called alpha was introduced on 1 April 2015 and the Principal Civil Service Pension Scheme PCSPS (NI) will close to new entrants.

When did New pension rules start?

2008
In 2008 the government introduced new pensions laws to get people saving. The idea is to help people to save by giving them access to a workplace pension scheme so they don’t have to rely on just the State Pension.

What is the difference between 1995 and 2015 NHS Pension Scheme?

The 2015 Scheme is different from the 1995/2008 Scheme in two key areas: Pension benefits are linked to Career Average Revalued Earnings ‘CARE’ and not final salary. The normal retirement age is aligned to a member’s state pension age, as opposed to age 60 in the 1995 Section and 65 in the 2008 Section.

What is the 2015 NHS Pension Scheme?

The 2015 Scheme is a Career Average Revalued Earnings (CARE) scheme. This is a form of defined benefit pension scheme, which means you get a guaranteed level of benefit at retirement payable according to a fixed formula. In a CARE scheme your pension is based on your pensionable pay throughout your career.

How Much Will civil service pensions rise in 2021?

Government confirmed in September 2020, there was a 0.5% increase, so the Treasury Order has confirmed a 0.5% increase was paid to monthly pension payments in April 2021.

What is happening with NHS pensions?

As the NHS Pension Scheme has moved from final salary linked to a career average revalued earnings ( CARE ) model, all members will build up CARE benefits from 1 April 2022. This change ensures that the costs and benefits of the scheme are more evenly shared, and will be introduced as part of the McCloud remedy.