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registered interest false more like this
date less than 2022-01-12more like thismore than 2022-01-12
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury remove filter
hansard heading Public Sector: Workplace Pensions more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, what assessment he has made of over how many years the £17 billion cost to the public purse will be realised as a result of the remedy contained in the Public Service Pensions and Judicial Offices Bill. more like this
tabling member constituency Wolverhampton South East remove filter
tabling member printed
Pat McFadden more like this
uin 102580 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2022-01-17more like thismore than 2022-01-17
answer text <p>The remedy proposed in the Public Service Pensions and Judicial Offices Bill is designed to address the discrimination identified by the McCloud and Sargeant judgments. For the main unfunded public service pension schemes, in effect, remedy offers members in scope a choice between legacy or reformed scheme benefits for the remedy period, which runs from 1 April 2015 to 31 March 2022. Members in scope of remedy are those with service on or before 31 March 2012 and on or after 1 April 2015.</p><p> </p><p>The cost of remedy is the cost of additional pension benefits accrued due to remedy. Those benefits will typically be paid out across the retirement of eligible members. The estimated £17 billion cost of remedy will, therefore, be paid out over many decades as the pensions of those in scope come into payment.</p> more like this
answering member constituency Middlesbrough South and East Cleveland more like this
answering member printed Mr Simon Clarke more like this
question first answered
remove filter
answering member
4655
label Biography information for Sir Simon Clarke more like this
tabling member
1587
label Biography information for Pat McFadden more like this