Employers guide to annual and lifetime allowances

SAVE ITEM

29 / 10 / 2015

Members of the NHS Pension Scheme could receive a tax bill if their total pension savings exceed limits set by Her Majesty's Revenue and Customs (HMRC). These limits are known as the annual allowance, which is calculated each year, and the lifetime allowance, which is calculated based on savings throughout a member's lifetime.

The NHS employers guide to annual and lifetime allowances includes what employers need to know about the allowances and how they may affect their organisation and staff. The guide has been updated following changes announced to the annual allowance in the summer budget 2015 and information released by HMRC on 23 October 2015.

The guide considers the potential impact on both members and employers and any actions employers can take to support members including:

  • what annual and lifetime allowances are
  • which staff could be subject to tax charges
  • what employers need to know
  • the implications for employing organisations and
  • how employers can support staff who might be affected.

Find out more on our  the annual and lifetime allowances visit our annual and lifetime allowances annual and lifetime allowances web page.

To find out more about the NHS Pension Scheme, please see our NHS Pension Scheme web page.

Please note: the guide and information contained within the guide is correct as at August 2015.

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