Pensions update: new guidelines issued by Treasury
The Police Federation has warned the Government that the unexpected publication of new guidelines regarding unfair discrimination caused by the 2015 pensions reforms must not further delay the settlement of pension claims by retired and serving members.
Her Majesty’s Treasury (HMT) has issued new guidelines advising public sector pension remedy claimants and schemes to halt claims until new legislation had been created to reduce the potential for tax consequences.
Previous Government advice made it clear Federation members who moved to reformed pension schemes on or after 1 April 2015 and retired were entitled to be treated as a member of their legacy scheme for the remedy period, if they wished.
However, the new HMT and Her Majesty’s Revenue and Customs (HMRC) advice on drafting the remedy through the McCloud Bill has now described the uncertainties caused by the Government’s original guidelines as ‘considerably greater than was previously thought’.