Public sector pensions remedy (McCloud) changes to benefits from 1 October 2023 – implications for Pensions on Divorce settlement
A large number of changes are taking place for most public sector pension schemes from 1 October 2023 and as a result, there are various issues to be considered when looking at cases with public sector pensions.
10 August 2023
Change to the discount rate used by public sector pensions – implications for settlement
On 30 March 2023, the Government announced that the SCAPE discount rate, that is the discount rate used by the Government Actuary’s Department (GAD) for calculations in relation to the public sector pension schemes is reducing from 2.4% per annum above CPI Consumer Prices Index) inflation to CPI + 1.7% per annum. This has affected most calculations carried out in public sector schemes, from CEV calculation to early retirement.
3 April 2023
Public Sector Pensions Remedy – How concerned should you be?
In April 2015, most public sector pension schemes were reformed largely due to the cost to the government of continuing to operate the existing “legacy” public sector schemes. The Court of Appeal found in December 2018 that the implementation of these reforms unfairly discriminated against members of the judicial and firefighters’ pension schemes, resulting in large changes to public sector schemes referred to as public sector pensions remedy.
17 March 2023
Market Movements – What these may mean and what you should watch out for
An important area of concern when dividing up pension rights fairly for divorce settlement purposes has been the large recent changes in inflation, with the Consumer Prices Index (CPI) nearing its highest levels for almost 30 years (according to recent ONS figures). This can affect settlement in a number of ways, but allowance can still be made for this issue.
23 June 2022
Pension Scheme Buy-ins, Buy-Outs, and some considerations for pensions on divorce
Buy-out is the ultimate goal for many private sector defined benefit pension schemes. But what is the difference between a buy-in and a buy-out and what do these scheme events mean for individual members going through divorce?
25 March 2022
Uniformed Public Sector pensions and pension sharing – what should you look out for?
Uniformed public sector pensions – the Police Pension Scheme, Firefighters’ Pension Scheme, and Armed Forces Pension Scheme – can be tricky to consider when pension sharing is a likely method of settlement to be used. There are plenty of complexities of which to be aware, the most important of which are discussed here.
7 March 2022
