Recommendation 20

Furthermore, government’s response to the McCloud judgment has potential to exacerbate the problem. Members affected by the McCloud remedy will be asked to make a complex decision about their pensions, which may include balancing between the level of pension they retire with and when they wish to retire. HM Treasury told us that from 2024 it plans to require all schemes to include additional information as part of their annual benefit statement. This will show the equivalent information for the legacy schemes as well as the reformed schemes so that, throughout the remaining period of an individual’s career, they can see how the two schemes change on an annual basis.44