McCloud latest – can you claim back the cost of financial advice?


Finally some welcome news regarding NHS Pensions and McCloud. Doctors who have received help from financial advisers or accountants to navigate the McCloud remedy, will now be able to recover some of the costs involved.

The new ‘Cost Claim Back Scheme’ means NHS Pension members affected by ‘McCloud’ (or the ‘Public Service Pensions Remedy’) can make a claim for advisory costs to be refunded. Plus, the scheme also covers any financial or tax losses incurred because of the remedy.

The sums are not exhaustive – there is a limit to claims for using an accountant of £1,000 including VAT and £500 including VAT for using a financial adviser.

There is also a substantial application form to complete which can be downloaded from the NHS Business Services Authority website.

Approver Quilter Financial Services Limited and Quilter Mortgage Planning Limited 09/05/2024

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