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28th November 2019

PENSIONS TAX PAYMENTS

LMC CONFERENCE UPDATE


The Chief Executive of NHS England, Simon Stevens, has this week announced plans for covering the costs of tax on the annual allowance for 2019/20. He has stated that the annual allowance tax charge for this financial year (for anyone that incurs it) will be covered via the scheme pays route and that when the individual retires and claims their pension, the NHS will pay to them the value of the tax charge for 2019/20 (including interest accrued), so covering the cost.

 

The BMA has responded to the proposal, which can be found here:

https://www.bma.org.uk/news/media-centre/press-releases/2019/november/new-pensions-proposals-could-provide-respite-over-winter-but-more-crucial-detail-needed-says-bma