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The McCloud remedy: taxation and corrections - unfunded schemes

Published  08 February 2023
   80 min CPD

In this webinar Moira Warner and Justin Corliss, Senior Pension Development and Technical Managers, discuss the changes to the pension benefits of unfunded public sector members as a result of the McCloud remedy.

This webinar follows on from the Adviser overview - unfunded schemes webinar.

In this second webinar about the McCloud remedy, Moira and Justin look in detail at the taxation corrections resulting from the implementation of the remedy. 

They discuss a number of case studies to demonstrate how the changes will work in practice.

This webinar assumes an understanding of the aspects of the McCloud remedy covered in the adviser webinar.

CPD learning outcomes - 80 minutes

  • Describe potential tax relief corrections as a result of the McCloud remedy
  • Explain the potential Annual Allowance adjustments as a result of the McCloud remedy
  • Outline the potential Lifetime Allowance corrections as a result of the McCloud remedy.

What's covered

  • Schemes with different contribution rates between legacy and reformed schemes, resulting in potential retrospective changes to contributions and tax relief
  • How annual allowance issues will be addressed
  • How the impact of scheme pays and the Tapered annual allowance are considered
  • Impact on lifetime allowance protections as a result of the McCloud remedy.

CPD certificate of completion

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Check your knowledge

To gain your CPD certificate answer the following questions.

1. Members of which schemes could face contribution adjustments as a result of the McCloud remedy as the contribution rates differ between reformed and legacy schemes:
2. Only those younger members who were subject to the age discrimination will be eligible for the remedy?
3. If a scheme member who’s in scope for the McCloud remedy chooses legacy scheme benefits at their normal retirement date in 2028, which impact (if any) would this have on their annual allowance position for remedy period benefits.
4. “Section 18” powers enable a scheme to do what?
5. What rate of interest will the scheme pay on money it owes a member up to the point it implements a solution and notifies the member of their individual position?

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