MOJ statement on Cost Control Mechanism for Judicial Pension Scheme 2022
A statement on how HM Treasury’s recent update on the Cost Control Mechanism will affect the Judicial Pension Scheme.
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On 15 May 2023, the Chief Secretary to the Treasury laid a Written Ministerial Statement outlining further updates to HM Treasury’s approach to the Cost Control Mechanism that is included in all public service pension schemes that were brought in under The Public Service Pensions Act 2013. HM Treasury also published a policy statement that provides further detail on these updates.
The Ministry of Justice is today (8 June 2023) publishing a policy statement that explains how these updates will affect the Judicial Pension Scheme and, in particular, how these updates will interact with the Judicial Pension Regulations 2022 and the McCloud remedy.