Annual Allowance statements – update

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The NHS Pensions Agency is due to start issuing ‘annual allowance’ statements from the beginning of this month.

These will show your revised pension growth for the seven years of the McCloud remedy period. Officially, they are known as ‘remedy pensions savings statements’.

To recap, the McCloud remedy aims to recompense NHS pension scheme members deemed to have suffered age discrimination when the 2015 pension scheme was introduced. Those members will now be able to claim pension benefits accrued between the 2015 to 2022 remedy period via their legacy scheme (1995 or 2008).

The statements will be based on the assumption that your benefits will be put back into the legacy scheme. This means you will need to reconsider your tax position for the seven years – and look again at any annual allowance liabilities.

If you need specialist advice on this or any other NHS pension matter, please get in touch.

Approver Quilter Financial Services Ltd and Quilter Mortgage Planning Ltd 18/04/2024

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