Expert Tax & Accounting Services for McCloud Remedy Pension Services

Expert Guidance on the McCloud Remedy for NHS and Public Sector Pensions

If you’re affected by the McCloud Remedy, navigating the complexities of pension tax and contributions can be challenging. At SIAL Accountants, we specialise in providing tailored support to healthcare professionals, including doctors, GPs, dentists, and pharmacists, to help them manage their pensions effectively and make informed financial decisions.

What is the McCloud Remedy?

The McCloud Remedy originated from a landmark legal case that found the public sector pension reforms in 2015 were discriminatory based on age. These reforms introduced a career-average revalued earnings (CARE) scheme while allowing older members to remain in their more favorable legacy schemes.
The remedy offers eligible members the option to:

Remain in the reformed 2015 scheme for the period between 1 April 2015 and 31 March 2022;

or

Return to their legacy scheme (1995 or 2008) during the same period.

This flexibility ensures pension members can choose the option that best supports their financial future.

Who is Affected by the McCloud Remedy?

The McCloud Remedy impacts public sector workers, including those in the NHS Pension Scheme, who:

Were members of a defined benefit pension scheme on or before 31 March 2012.
Transitioned to the reformed 2015 scheme after its introduction.
May have experienced increased tax liabilities due to Annual Allowance breaches.

If you fall into any of these categories, it’s vital to assess your pension records and make informed decisions during the remedy process.

Why Does It Matter?

The McCloud Remedy could significantly impact your pension benefits, tax liabilities, and financial planning. Key areas of concern include:

Pension Savings Statements: Corrections may alter your pension inputs for affected years.
Annual Allowance Calculations: Changes to pension inputs may affect tax charges.
Tax Refund Opportunities: Overpayments due to incorrect pension growth calculations can be reclaimed.

Failing to address these adjustments could lead to missed opportunities or penalties.

McCloud Remedy Pension Services by SIAL Accountants

How Can SIAL Accountants Help?

At SIAL Accountants, we offer comprehensive support tailored to your unique circumstances. Our services include:

Pension Statement Review
We review your Remedial Pension Savings Statement to identify discrepancies and ensure accuracy.
Tax Calculation and Refunds
Our team recalculates your Annual Allowance for the remedy period, identifying overpayments and potential refunds.
Scheme Pays Elections
We assist in submitting Scheme Pays Elections, allowing you to settle tax charges directly from your pension pot without immediate cash flow impacts.
Tax Return Adjustments
We revise your historical tax returns to reflect corrected pension contributions and secure any refunds from HMRC.
Financial Planning Support
We provide ongoing pension and tax planning strategies to align your retirement goals with your overall financial strategy.

SIAL Accountants give us the specialist accounting services we need to ensure our practice is run efficiently, and that we can focus our time and energy on looking after our patients.

DR D. K., General Practitioner, London NW7

Final Accounts & Tax Returns

Final accounts, tax returns, and financial services for optical practices, including management accounts.

Bookkeeping, Payroll, and VAT

On-site or off-site bookkeeping services, handle payroll including payslips and RTI submissions, and prepare and submit VAT returns.

Incorporation and Secretarial Services

We recommend the best legal structure for your practice, handle practice incorporation, and secretarial services.

Other Services

Advice on financing growth for independent practices, assist with asset purchases and financing arrangements, and provide guidance on buying a practice, including valuations and financing support.

Why Choose SIAL Accountants?

Specialist Expertise
We are trusted by healthcare professionals across the UK, offering a deep understanding of NHS pensions and tax regulations.
Award-Winning Service
Recognised as the 2024 AVN Most Inspiring Accountants for Practice Differentiation, we deliver exceptional service and results.
Tailored Solutions
Every client is unique, and so are our solutions. We provide personalised advice to suit your individual needs.
Transparent Pricing
With competitive rates and no hidden fees, we ensure complete transparency in our services.

Take Control of Your Pension Today!

The McCloud Remedy offers an opportunity to optimise your pension and secure your financial future. At SIAL Accountants, we guide NHS professionals and public sector workers through every step of this complex process, ensuring compliance and maximising benefits.

Contact us today for a free consultation, and let our experts help you navigate the McCloud Remedy with confidence.

Answers from Our McCloud Remedy Specialist Accountants

Frequently Asked Questions

Choosing the right accountant for your NHS and Public Sector Pension if you are affected by the McCloud Remedy, navigating the complexities of pension tax and contributions can be challenging. At SIAL Accountants, we specialise in providing tailored support to healthcare professionals, including doctors, GPs, dentists, and pharmacists Here are some frequently asked questions to guide you in making an informed decision.

Who qualifies for the McCloud Remedy?

The remedy applies to NHS and public sector workers who were active members of pension schemes before April 2012 and later moved to the 2015 reformed scheme. Eligible members can choose to receive benefits under their legacy or reformed scheme.

How does the McCloud Remedy affect my pension?

The remedy allows eligible members to opt for either their legacy pension scheme or the 2015 reformed scheme for the remedy period. This could affect your pension value, annual allowance, and tax liabilities.

What is a Remedial Pension Savings Statement?

This statement outlines revised pension growth figures for the remedy period. It helps identify any overpayments or additional tax liabilities resulting from the pension scheme changes.

Do I need to revise previous tax returns due to the McCloud Remedy?

Yes, if the remedy impacts your pension inputs, you may need to revise and resubmit your tax returns for the affected years. We can assist with this process.

What is Scheme Pays, and how does it help?

Scheme Pays allows you to settle annual allowance tax charges directly from your pension fund rather than paying out of pocket. We help clients file Scheme Pays elections to manage liabilities effectively.