The McCloud judgement has meant that pensions have needed to change to prevent unfairness in applying rules.
From April 1st 2022
The Transitional Protection changes are a consequence of this judgement and will come into effect from April 1st 2022. From this date, active members in the Teachers’ Pension Scheme and all future members will be part of the career average scheme. Even if you were a protected member in 2015, the new rules mean you have been moved to the career average scheme.
The Teachers’ Pension Scheme has contacted protected members to inform them of the changes, which should have already been delivered through your letterbox.
A video on the Teachers’ Pension Scheme website explains these changes. This resource will help you understand how the changes might affect you, highlighting your current choices due to the McCloud remedy.
If you would like to understand how this impacts your personal circumstances, you will need to approach an independent financial advisor. While the Teachers’ Pension Scheme can inform you of the changes and your options, they cannot tell you which is the best option for you. A financial advisor will help you best use these new options available to all members of the Teachers’ Pension Scheme.
The content in this article was correct on 28th February 2022. You should not rely on this article to make important financial decisions. Teachers Financial Planning offers advice on pensions for teachers and non-teachers. Please use the contact form below to arrange an informal chat with an advisor and see how we can help you.