This will include changes to how schemes report and pay extra tax charges or reclaim overpaid tax, and ensure that schemes can pay pension benefits as authorised payments.
The legislation is intended to take effect from 6 April 2023 but some provisions will apply retrospectively.
The public service pensions remedy or ‘McCloud remedy’ (named after the lead claimant in the Court of Appeal case) acknowledges that using age as the basis for deciding whether to move civil servants onto a new pension scheme was unlawful discrimination. Those who lost out in the period before remedial action was taken are being given the option to take the higher benefits that they otherwise would have accrued.
The aim of the draft tax regulations is to put individuals in the tax position they otherwise would have been in, had the discrimination not taken place.
This will include changes to how schemes report and pay extra tax charges or reclaim overpaid tax, and ensure that schemes can pay pension benefits as authorised payments.
The legislation is intended to take effect from 6 April 2023 but some provisions will apply retrospectively.
The public service pensions remedy or ‘McCloud remedy’ (named after the lead claimant in the Court of Appeal case) acknowledges that using age as the basis for deciding whether to move civil servants onto a new pension scheme was unlawful discrimination. Those who lost out in the period before remedial action was taken are being given the option to take the higher benefits that they otherwise would have accrued.
The aim of the draft tax regulations is to put individuals in the tax position they otherwise would have been in, had the discrimination not taken place.
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")