Business Services Organisation
Following legislation coming into effect on 1st October 2023, HSC Pension Service, are working with our Software providers to ensure that we get our systems fully functional to implement the McCloud Legislation and regulations. We are working hard to ensure all the data, processes and systems are in place to allow us to provide you with information as soon as reasonably possible to make an informed choice and also updating our systems so we can offer members a choice to have their pension benefits for the remedy period paid from either their legacy scheme or CARE scheme as part of the normal retirement process. Members who have retired or are due to retire will be offered a retrospective choice, along with personalised information to help them make their choice. If a member chooses to keep their existing benefits, no changes will be needed. If a member chooses to receive different pension benefits for the remedy period, adjustments will be made to their pension payments accordingly. Any changes will be backdated to the date of retirement.
For now, there is nothing you need to do. We’ll contact all affected members, whether active or retired directly, in phases, when action needs to be taken.
Update: 19/03/2024
HSC Pension Service (HSCPS) have made progress in implementing the first stage of the McCloud Remedy by rolling affected members back into their legacy scheme i.e. 1995/2008 up until 31st March 2022. All active members will be moved to the 2015 CARE Scheme from 1st April 2022.
As a result pension calculations processed on or after 1st April 2024 will have benefits up to 31st March 2022 calculated under their legacy scheme i.e. 1995/2008. All benefits accrued from 1st April 2022 onwards will be calculated under the 2015 CARE Scheme. HSCPS will contact retirees at a later date with personalised information to assist in making their choice regarding their benefits for the remedy period (01/04/2015 – 31/03/2022).
If a member chooses to keep their existing benefits, no changes will be needed. If a member chooses to receive different pension benefits for the remedy period, adjustments will be made to their pension payments accordingly. Any changes will be backdated to the date of retirement.