There have been some notable developments in the NHS pensions world since we last caught up with expert Paul Gordon in the spring of 2020. Luckily, Paul is back to bring us up to speed and to explain in simple terms where things have changed, the impact of a highly publicised age discrimination case, what the changes mean in practice for GPs and primary care staff on the ground, the key considerations for individuals based on their circumstances and most importantly, making sure those eligible are able to access the annual allowance related government endorsed compensation scheme, the deadline for this and how to determine eligibility. Listen now for a full overview of all the crucial pensions need to knows, and where to go to find out more.
Introduction (9 secs)
The main developments and changes, in summary (40 secs)
The McCloud judgement (1 min 46 secs)
Th resulting impact of the age discrimination case findings (2 mins 8 secs)
A choice of two sets of benefits (3 mins 46 secs)
Why would I opt into the newer scheme? (5 mins 30 secs)
Remaining in the ‘original’ scheme (6 mins 39 secs)
Determining retirement age and associated options at that time (9 mins 8 secs)
Retirement age and the McCloud judgement (10 mins 42 secs)
Transition to the new scheme and what this means in real terms (13 mins)
Being mindful of the annual allowance… (14 mins 28 secs)
Annual allowance tax charges (16 mins 6 secs)
Claiming compensation for annual allowance excess tax charges (17 mins 22 secs)
Who is eligible for compensation? (18 mins 31 secs)
‘The remedy period’ and what this means for individual contributions, allowances & benefits (19 mins 19 secs)
Outlining the key differences between old and new pension schemes (20 mins 16 secs)
What employers should be aware of (21 mins 18 secs)
Finding out more (22 mins 54 secs)
To request the last 7 years’ worth of annual allowance growth figures, please ring NHS Business Services Authority (NHSBA) on 0300 330 1346.
The deadline for compensation claims relating to the 19/20 tax year and the annual allowance tax charge growth and excess payments is 11 February 2022. Claimants will need to complete a Scheme Pays Election form (available via Primary Care Support England) and a compensation form. Further information can be found here.