Two key deadlines for the healthcare sector
Two important dates are fast approaching, and action may need to be taken by the partners of medical practices.
11 February 2022
The Primary Care Support England (PCSE) portal for the compensation forms for annual allowance charges is closing on the 11 February 2022. After this date the 2019/20 Scheme Pays Election (SPE) facility for the payment to be made on your behalf will be withdrawn and if there is a liability this will be deducted from your final pension or you will be liable to pay this personally via your Self Assessment tax return. The due date for the payment would have been 31 January 2021 and therefore penalties and interest may apply. Please ensure that the compensation form and 2019/20 SPE form (if not already submitted) are submitted to the relevant bodies as advised previously. Instructions are below for submission of the compensation form.
Following on from the completion and submission of the 2019/20 Scheme Pays Election, a compensation application form must be completed.
The submission window for the forms via the PCSE portal ends on 11 February 2022.
The following links should give you everything you need to make your application:
PCSE guidance and how to submit your application form – https://pcse.england.nhs.uk/services/gp-pensions/201920-pensions-annual-allowance-charge-compensation-policy/
31 March 2022
After 31 March 2022 all NHS pension scheme members will be automatically transferred into the 2015 NHS Pension Scheme. If you have Enhanced Protection then this will be lost on entering the 2015 Pension Scheme.
We can prepare calculations for you to consider if retaining Enhanced Protection is a feasible option. It may be that deferring entry into the 2015 Scheme for a short period of time while we prepare the calculations will give you an informed choice in your decision making.
As a result of the McCloud judgement , if you had Enhanced Protection prior to entry to the 2015 scheme in previous years there may be the opportunity to have this re-instated by not entering the 2015 Scheme again after the remedy period.
The McCloud judgement has also impacted public sector pensions. We have a dedicated hub where you can find information about what it means for you and the next steps to take.