GPs may benefit from proposed changes to NHS Pension Scheme Regulations according to a new Government consultation.
Part of the changes include a compensation scheme for scheme members who faced tax losses in 2019/20 from 1 October 2023. The deadline for remediable service pension savings statements being issued is 6 October 2024 for active and deferred members.
Andrew Pow, board member of the Association of Independent Specialist Medical Accountants (AISMA), said: “It’s good news that the Department of Health & Social Care has taken on board many of the comments from AISMA and other organisations contributing to the consultation. It appears that several of AISMA’s recommendations, including a flexible approach for NHS pension scheme members looking to reinstate part of their opted-out service, will be implemented.
“We also welcome the DHSC’s intention to establish a compensation scheme for pension scheme members suffering tax losses due to 2019 to 2020 tax year annual allowance charge adjustments as part of the wider compensation arrangements.”
Mr Pow continued: “It’s encouraging to see that the DHSC intends to continue engaging with AISMA and other professional bodies on the scenarios arising as the McCloud remedy is rolled out.”
Dr Richard Fieldhouse, NASGP chair, said: “For anyone following any news around the McCloud remedy, this all seems painfully slow, especially if you’ve already suffered financially. But at least there’s light at the end of the tunnel in terms of compensation, even though that’s over a year away.
We’ve previously published a comprehensive update from Liz Densley of Honey Barrett specialist medical accountants, where Liz recommends at this stage having set up a working relationship with specialist financial advisors and accountants who’ll therefore be in place to offer you bespoke advice when the time comes.”
Members can put questions on this and other topics to Adrian Cousens, director of RSM UK, at our free webinar in October.