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Scheme Pays deadline extended again

The voluntary ‘scheme pays’ application deadline has been extended again – to March 2021, after an initial delay from 31 July to 31 October 2020. The extra three months is to assist healthcare workers following the COVID-19 response.

Scheme Pays allows the NHS Pension Scheme to pay your annual allowance tax bill to HMRC on your behalf and your benefits in retirement would be reduced accordingly.

There can be tax advantages of using Scheme Pays – find out more by talking to an adviser on 020 7252 5765.

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Daryl Stafford

Daryl Stafford

Daryl has been a qualified financial adviser for over 30 years and has worked exclusively with medical professionals for the last 17 advising doctors at every stage of their careers. He enjoys meeting new people and helping to simplify the complexities of the NHS pension and benefits package so that his clients can make an informed decision on their future. Daryl has ongoing relationships with his clients that have lasted many years. He has a keen interest in current affairs and practices yoga in his spare time.

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Medical Family Finance Ltd. Registered in England and Wales, under no. 08689906. Registered office address – 2 St Mary’s Road, Tonbridge, Kent, TN9 2LB. Medical Family Finance Limited is an appointed representative of Quilter Financial Services Limited and Quilter Mortgage Planning Limited, which are authorised and regulated by the Financial Conduct Authority. The guidance and/or information contained within this website is subject to UK regulatory regime and is therefore targeted at consumers based in the UK.

The value of pensions and investments and the income they produce can fall as well as rise, you may get back less than you invested.

For ISA’s Investors do not pay any personal tax on income or gains but ISAs do pay unrecoverable tax on income from stocks and shares received by the ISA manager.

Tax treatment varies according to individual circumstances and is subject to change.

Approver Quilter Financial Services Limited & Quilter Mortgage Planning Limited. 09/05/2023

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