A new composite method for the calculation of spin-crossover energies in 3d transition-metal complexes based on multireference methods is presented. The method reduces to MRCISD+Q at the complete-basis-set (CBS) level for atomic ions, for which it gives excitation energies with a mean absolute error of only ca. 0.01 eV. For molecular complexes, the CASPT2+6MRCI composite approach corresponds to a CASPT2/CBS calculation augmented by a high-level MRCISD+Q-CASPT2 correction with a smaller ligand basis set. For a set of Fe(He) n [ 6] + test complexes, the approach reproduces full MRCISD+Q/ CBS results to within better than 0.04 eV, without depending on any arbitrary IPEA shifts. The high-quality CASPT2+6MRCI method has then been applied to a series of 3d transition-metal hexaqua complexes in aqueous solution, augmented by an elaborate 3D-RISM-SCF solvent treatment of the underlying structures. It provides unprecedented agreement with experiment for the lowest-lying vertical spin-flip excitation energies, except for the Fe3+ system. Closer examination of the latter case provides strong evidence that the observed lowest-energy excitation at 1.56 eV, which has been used frequently for evaluating quantum-chemical methods, does not arise from the iron(III) hexaqua complex in solution, but from its singly deprotonated counterpart, [Fe(H2O)5OH]2+.