Independent specialist medical accountants estimate that up to 50% of remedial pension savings statements (RPSS) are incorrect, a professional body for the sector reports. The Association of Independent Specialist Medical Accountants (AISMA) has now joined the British Medical Association in calling for an extension to the first deadline of 31 January 2025.
The position emerged following a survey by the AISMA in which almost 90% of members who responded identified errors on statements. Problems included overstated pension growth figures and discrepancies between statements and HMRC records on annual allowance tax charges settled by NHS Pensions on behalf of scheme members.
Deborah Wood, AISMA chair, said: “Doctors and their accountants were already under extreme pressure in terms of meeting the 31 January deadline to re-submit eight years’ worth of tax information to HMRC as part of the McCloud remedy process.
“AISMA members are concerned about the need to review all remedial pension savings statements and arrange for the correction of errors before the correct tax calculations can be made. The sheer volume of processing required in the short period of time available means it will be virtually impossible for the 31 January deadline to be met.
“Logically it should be aligned with retired members to 31 January 2027. Practically speaking, however, this may then impact on 2024/25 tax submissions. To avoid kicking the can further down the road we accept that 30 September 2026 may be a compromise position.”
Dr Richard Fieldhouse, NASGP chair, said: “This is welcome news. GPs should never have faced ageism in the NHS pension in the first place. Given the ongoing problems with pensions administration by PCSE, the least GPs deserve is an extension, ideally announced sooner rather than later.”