Annual allowance is the amount of pension savings an individual can make in one year without paying tax. The value of the annual allowance has fallen over time, meaning that a wider range of NHS staff could now earn benefits which exceed the allowance.
Our new briefing provides you with information on:
- what annual allowance is
- who is likely to be affected
- how benefits in the NHS Pension Scheme are tested against annual allowance
- options for affected staff
- deadlines for employers and employees
- responsibilities of members, employers and NHS Pensions.
We have a wide range of resources available on our pension resource library. Our pension presentation pack includes a chapter on pension tax with presentation slides and speakers notes to help you explain the annual allowance to staff and colleagues.