NICS Pension Schemes - McCloud Judgment Remedy FAQs

I’m so worried about all of this – I’ve heard of pension schemes not paying members what they thought they would get. Is my pension really safe?

It may feel a bit worrying for you but be assured; the pension you have earned to date is safe.

Will I lose all of my final salary benefits? 

No. Any pension you accrued in a final salary legacy scheme up to 1 April 2022 is protected and will make up part of your benefits when you retire. When you move to the reformed career average scheme in 2022 a final salary link will apply, meaning that your salary in the year or years before retirement will be used to calculate your final salary legacy scheme benefits. This will be the case even if you continue to work for many years between 2022 and retirement.

When making a decision regarding the remedy period, what are the advantages and disadvantages of each scheme over the other?

Every individual’s circumstances will differ and factors which one member may regard as beneficial may not be as important to another. We strongly recommend that you seek independent financial advice. When you retire after the necessary scheme changes are in place you will receive an option.  Please be assured that you should not suffer any monetary detriment and some may find that alpha is more advantageous for you for the remedy period and beyond.

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