IMPORTANT: Many financial companies are being targeted by scams. Please be extra vigilant when receiving unexpected calls. If you receive a call from someone asking to transfer funds, please hang up immediately.

We would ask you to phone us on 020 7252 5765 to report anyone using the name of Medical Family Finance fraudulently.

Many thanks for your understanding.

Time to request your pensions statement

advisers

The annual pensions statements for 2020/21 are now available from the NHS Pensions Agency. If you have not already received yours, you should request it now. This document provides important information to help determine your true pension position and whether you are likely to pay tax charges on your pension savings.

The ‘annual allowance’ limits the amount of tax-free pension savings which can be accrued per year to £40,000. The Pensions Agency issues statements detailing doctors’ annual contributions for the preceding tax year in Autumn every year. However, the only happens if the ‘deemed growth’ in their pension is more than £40,000.

There is also the ‘tapered’ annual allowance to consider, but those breaching this limit may not receive a statement at all as the NHS Pensions Agency is not duty bound to do so.

The ‘tapered’ annual allowance applies to pension savers with a ‘threshold income’ of over £200,000 and reduces the limit on a sliding scale. This can be as low as £4,000 for high earners. Your threshold income includes earnings from your NHS salary, private practice or academic work, investment income and buy-to-let incomes.

Please contact the Agency to request your copy if you do not already have it. When it does arrive, it is a good idea to get the data checked thoroughly as we often spot small errors which can have a large impact.

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Get in touch with our team to find out how we can help you by using this contact form, or by phoning 020 7252 5765