Budget concerns leading to early NHS retirements?
NHS staff may be considering early retirement from the health service because of fears that the tax on their lump sum could be changed in the forthcoming Budget. There are also worries about changes to capital gains tax and inheritance tax. Individuals can take 25 per cent of their pensions as a tax-free lump sum […]
Hundreds of thousands missing NHS pension payments
Have you taken your 1995 NHS pension benefits at your normal retirement age? New data shows that over 200,000 NHS pension scheme members have not collected their pension payments because they did not realise crucial rules have changed. Members of the 1995 Section can take their benefits from age 60 – or even from age […]
McCloud latest – deadline extension for new ‘Choice’ exercise
Did you receive a letter from the NHS Pension Agency earlier this year regarding changing the decision you made about your pension when the 2015 scheme was first introduced? If so, the deadline to reconsider your previous NHS pension decision has been extended to 18th June 2024. The extension is welcome but still does not […]
McCloud latest – can you claim back the cost of financial advice?
Finally some welcome news regarding NHS Pensions and McCloud. Doctors who have received help from financial advisers or accountants to navigate the McCloud remedy, will now be able to recover some of the costs involved. The new ‘Cost Claim Back Scheme’ means NHS Pension members affected by ‘McCloud’ (or the ‘Public Service Pensions Remedy’) can […]
NHS Pension contributions have changed – how much will you pay or receive?
From April, NHS Pension members will see changes to the amount they and their employers contribute to their pension. Following a series of consultations which began in 2022, contribution rates for members and employers are changing. For many doctors, this contribution change will be minimal. The tiers of contributions have been decreased from seven to […]
Annual Allowance statements – update
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 […]
McCloud latest – have you received a new ‘Choice’ letter?
Many clients have been receiving letters from the NHS Pension Agency asking if they would like to change the decision they made about their pension when the 2015 scheme was first introduced. This is being called ‘Choice 2 revocation’ and there is just a few months to decide. As you may recall, the original ‘Choice’ […]
Proposals to retain more staff as part of the latest NHS pension consultation
Yet another consultation has been launched by the Department of Health and Social Care which puts forward changes to the NHS pension scheme. The latest proposals include previously suggested changes to contribution rates as well as removing the abatement rules for members from April. Abatement is the process which limits your NHS pension in payment […]