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Autumn Budget 2021: New tax exemption for NHS pension

11 downing street

The chancellor announced that NHS Pension Scheme members will not have to pay extra tax if they receive an increase in benefits as part of the ‘McCloud’ remedy.

The McCloud remedy sets out how and when those deemed to have suffered age discrimination by moving to the 2015 NHS pension scheme will be compensated in the future. Those doctors impacted can choose the benefits they wish to receive as compensation – either those from their legacy scheme or those from the 2015 scheme – at the time of drawing their benefits. The latest announcement means that receiving those benefits will not generate extra tax charges.

It is understood that individuals will be given an option to ‘protect their pension rights’ from the lifetime allowance and will gain an extra ‘annual allowance’ applicable to their compensation benefits – however full details have yet to be released.

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