What happens if…?
I am an active member protected by the underpin?
If you are a protected active member, you do not need to do anything. When you take your pension, your pension fund will compare the pension you built up in the remedy period from 1 April 2015 to 31 March 2022 with the pension you would have built up in the final salary scheme. If the final salary pension would have been higher, the difference will be added to your pension.
If you leave the LGPS before you retire, or if you reach age 65 as an active member, your pension fund will work out provisional underpin figures. These will give you an indication of whether your pension will increase. They will work out the final figures when you take your pension. Find out more about Leaving before retirement.
Your pension fund will also provide estimated underpin figures in your annual benefit statement. There were many changes to the LGPS rules from 1 October 2023 because of the McCloud remedy. Pension funds have a huge amount of work to do to gather the information they need and to update their systems. Because of this, underpin figures will be provided in annual benefit statements from the year 2025 onwards.
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The McCloud Remedy
Everything you need to know about the McCloud Remedy.
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McCloud FAQs
Your questions answered