The purpose of this calculator is to calculate the interest that should apply to payments arising from applying the McCloud remedy. This calculator should not be shared with or be relied upon by parties other than the intended user.

This calculator is for use by scheme administrators only, and does not cover judicial or local government pension schemes.

This calculator is based on GAD’s interpretation of the relevant legislation covering interest applying to McCloud Remedy payments. Users should ensure that they are aware of the requirements made under prevailing legislation, including any amendments made in the future.

Note that 15(2), 15(10), 15(12) and 15(14) of the Directions set out two possible approaches for the application of NS&I interest. The calculator adopts approach (a) i.e. interest is calculated assuming payments fell halfway through the scheme year (or part thereof).

Tax is not considered in this calculator. This should be considered by the user.

The current version of the calculator is version 3.1

Users should ensure the NS&I and HMRC repayment rate assumptions in the calculator are up to date.

The most recent NS&I update in this version of the calculator is 20 November 2024. The most recent HMRC repayment rate update in this version of the calculator is 26 November 2024.

Enter a password. The buttons will only work if the password is correct.