09 / 04 / 2020
Listen to our video presentation which explains the changes to the annual allowance taper that was announced in the March Budget. These changes take effect from 6 April 2020.
The presentation explains the impact of the changes to members of the NHS Pension Scheme and offers a variety of scenarios to help explain the impact.
The new reforms are a welcome announcement and it is suggested that based on NHS earnings, 98 per cent of consultants and 96 per cent of GPs will now not be effected by the taper and are therefore less likely to incur large tax bills.
First Actuarial have recorded this presentation on behalf of NHS Employers.
The presentation includes:
- a recap of the research into the impact of pension tax on the NHS (June 2019)
- member contribution rates and tax relief
- how the annual allowance and tapering has worked since it was introduced in 2016
- what the new annual allowance taper reform means for employers and workers in the NHS and how it works.
To complement this video presentation we have also produced an infographic which can be used by employers to communicate these changes to staff.
Further information and guidance can also be found on our annual allowance resource page.
NHSPS - Update on pensons tax - 1 April 2020 from NHS Employers on Vimeo.