NHS Pension Scheme pension tax ready reckoner republished
The ready reckoner was developed by First Actuarial, the independent advisers to the Scheme Advisory Board (SAB) for the NHS Pension Scheme, and commissioned by NHS Employers. It is designed to educate members of the NHS Pension Scheme on pension tax and the value of scheme membership. The ready reckoner provides members of the NHS Pension Scheme with:
- a broad insight into their annual allowance position
- an indication as to whether the tapered annual allowance may apply to their circumstances
- an estimated breakdown of the total annual cost of scheme membership
- an estimate as to how much their annual NHS Pension is projected to increase by over the next year.
For a demonstration of how to use the tool you can also watch the recording of the NHS Pension Scheme annual allowance and tax ready reckoner webinar.
Please note that the Ready Reckoner does not include changes to the annual allowance and lifetime allowance that came into effect from 6 April 2023. We will update the Ready Reckoner for the 2023/24 tax year in Summer 2023.