HM Treasury  

Treasury criticised for McCloud errors as members foot the bill

Other issues identified by the committee included the Treasury’s continuing failure to explore, explain and manage “pension gaps” that have emerged along gender lines and between other groups, which it warned could lead to further McCloud-like legal challenges in future.

On McCloud itself, the committee found that the Treasury should have foreseen the age discrimination arising from the reforms, and its failure to do so will take “many decades” to resolve.

“HM Treasury wants members to pay to put this right — at an estimated cost of £17bn — despite this being its own mistake,” the committee noted, while warning that the cost control mechanism, put in place to share pension costs fairly between employers and employees, is not up to the job.

Benjamin Mercer is a reporter at FTAdviser's sister publication Pension Expert