Medics Money podcast Ep 194: CRITICAL NHS PENSION MCCLOUD UPDATE
Jan 16, 2024
Exploring the latest updates on the McLeod remedy in the NHS pension system, discussing the complexities and implications for members. Highlights include understanding pension changes, navigating financial advice for NHS workers, and the impact of the McCloud case on pension scheme members.
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Who is Affected by McCloud?
- McCloud affects NHS pension scheme members whose scheme moved between April 2015 and March 2022.
- Affected members will have their service rolled back from October and a choice at retirement.
Compensation for Invalid Advice
- You can claim refunds under the cosplay bat scheme for advice related to the 2015 scheme move, if now invalid.
- The scheme considers direct financial losses, including payments for advice, but excludes information you could've reasonably obtained free.
Difficulty Accessing Pension Data
- Tommy Perkins shares his personal experience of struggling to access accurate pension data.
- He hired someone to model his pension based on his income, which incurred considerable cost.