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Are you affected by the McCloud Remedy Regarding Pension Savings? Urgent Action is Required

29 August 2024

CBS partners Ballard’s LLP would like to highlight a crucial deadline on the horizon for those affected by the McCloud Remedy regarding pension savings.  The revised Annual Allowance Pension savings statements, commonly referred to as the "brown envelopes," are set to be issued by 6 October 2024.

This article highlights the importance of these statements and outlines the actions required, with a focus on the professional support available from Ballards LLP.

Key Points to Remember:

  1. Deadline for Receipt: 6 October 2024 The brown envelopes containing the revised statements will be distributed by this date. Ensure your address details are up to date with your pension provider.
  2. Action Required by 31 January 2025 Upon receiving these statements, immediate attention is necessary. Recipients have until 31 January 2025 to take appropriate action based on the information provided.
  3. Options for Action a) Self-Service Option: For those comfortable managing their own affairs, guidance is available on the HMRC website. b) Professional Support: Ballards LLP offers expert assistance to help you navigate this complex process.
  4. Compensation for Professional Fees Up to £1,000 (including VAT) of professional fees incurred for the rollback reassessment can be claimed as compensation.

If you need support to understanding the complexities of the McCloud Remedy and its implications on your pension Ballard’s LLP is here to offer comprehensive support. Their team of experts, can provide a full support service including:

  1. Detailed calculations of your pension adjustments
  2. Preparation and submission of appropriate documentation to HMRC
  3. Guidance on maximizing your pension benefits within the new framework
  4. Assistance in claiming compensation for professional fees

Don't let this crucial deadline pass you by. Whether you choose to manage the process yourself or seek our professional assistance, prompt action is essential. Your future financial well-being may depend on the steps you take in response to these important pension statements.

For expert guidance and support, contact Peter Herniman peter.herniman@ballardsllp.com at Ballards LLP today.

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