21 August 2023
HM Revenue and Customs (HMRC) has released a newsletter exploring the changes and news surrounding the public sector pensions remedies, commonly known as the McCoud remedy.
The newsletter covers the following items:
- The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) (No.2) Regulations 2023
- reporting of annual allowance (AA) tax charge for 2022 to 2023
- scheme pays extended to fully retired members
- scheme administrator applications for repayment of overpaid tax
- lifetime allowance (LTA) excess lump sum that is no longer a lifetime allowance excess lump sum due to the remedy
- benefits from member voluntary contributions (MVCs) in payment before the remedy comes into force
- changes consequential to Finance (No2) Act 2023.
To those outside of the public sector or software development these items will not mean much, but for those of you who know this remedy all too well these updates can provide some insightful help and examples.
Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information.