Doctors urged to ask for pension statements

By Edie Bourne

Doctors are being advised not to wait to receive their pension statement for the 2019-20 tax year from the NHS Pensions Agency (NHSPA) but to actively request it to check their true tax position.

Although the Government last winter agreed to pay the tax charge for some clinicians for this period, few details have been forthcoming. 

The ‘annual allowance’ restricts to £40,000 the amount of tax-free pension savings which can be accrued each year. Each autumn, the NHSPA issues statements detailing doctors’ annual pension contributions for the preceding tax year, but only if the doctor has ‘deemed growth’ in their pension pot of over £40,000.