The RJMS Team
Proof they ran (part of) The Sheffield Half Marathon in 2013.
Pre-retirement Tax to Pay on NHS Pensions
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Jan 15, 2014
Year ending 5th April 2013:
So when will the NHS Pension statements arrive?
As announced in the Autumn Statement 2012, legislation was introduced in Finance Bill 2013 to reduce the annual Pensions tax relief allowance from £50,000 to £40,000 and to reduce the standard lifetime allowance from £1.5 to £1.25 million for the 2014-15 tax year onwards.
Referred to in a previous news article, in October 2013 NHS Pensions started to send out letters to all scheme members who had breached/exceeded their annual pension allowance (£50,000) in either year ending 5th April 2011 or year ending 5th April 2012. A letter similar to this one:
The NHS Trusts were responsible for sending their staff's pension information to NHS Pensions in Fleetwood, Lancashire by November 2013. As at 14th January 2014 not all of the NHS Trusts have yet sent that November deadline information to Fleetwood. NHS Pensions therefore cannot yet say when they will be in a position to send out letters to those higher-earning employees who have breached the £50,000 pension limit during the tax year ending 5th April 2013.
So we now know that all NHS employees who have to send in Tax Returns to HMRC this month may well have to ignore that aspect of their Tax Return until after the 31st January deadline.
Taxpayers are allowed a further 12 months from 1st February 2014 to 31st January 2015 to adjust their Tax Return already sent to HMRC to reflect information discovered at a later date. Knowing this, we can now finalise all our NHS Consultants' Tax Returns.