What is the McCloud Remedy?
Watch the short video below to understand how the McCloud Remedy works.
When the LGPS changed from a final salary scheme to a Career Average Revalued Earnings (CARE) scheme on 1 April 2014, some older members received protection from the changes that was not available to younger members.
In 2018, the courts ruled that these arrangements amounted to age discrimination. As a result, the McCloud Remedy was introduced to correct this inequality and ensure that eligible members receive the best benefits available to them.
Am I likely to be affected?
The McCloud Remedy may apply to you if:
- you were a member of the LGPS or another public service pension scheme before 1 April 2012;
- you were a member of the LGPS between 1 April 2014 and 31 March 2022; and
- you did not have a disqualifying break in membership.
Do I need to do anything?
No.
There is no need to submit an application or contact Gwynedd Pension Fund in order to be considered for the McCloud Remedy.
If you are eligible, any relevant protection will be calculated automatically as part of the normal process.
What does this mean for my pension?
For most members, the McCloud Remedy will not change the way their pension is built up or affect their contributions.
However, for eligible members, the remedy may result in an improvement to their pension benefits if this provides a more favourable outcome.
Gwynedd Pension Fund will calculate and compare the relevant benefits when your pension is processed.
When will the McCloud Remedy be considered?
Any McCloud protection will be calculated when:
- you take your pension;
- deferred benefits become payable; or
- a review of your benefits is made