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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.
26:42
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Quick takeaways
- Members impacted by McLeod must decide on benefits allocation between legacy and 2015 NHS pension schemes at retirement.
- McLeod remedy offers compensation for direct financial losses due to age discrimination, including refunds for professional advice and capped amounts for advisory costs.
Deep dives
Overview of McLeod Remedy
The McLeod remedy addresses the changes in the NHS pension, particularly regarding the 2015 career average revalued earnings scheme and the legacy 95 2008 scheme. Members affected by McLeod have the choice to allocate benefits between the legacy and 2015 schemes. Additionally, a rollback reassessment for annual allowance and contingent decisions are part of the remedy, involving retrospective actions and tax computations.
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