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.
The following information is included in the briefing:
- What is annual allowance?
- Who is likely to be affected?
- How are benefits in the NHS Pension Scheme tested against annual allowance?
- The options for affected staff.
- How NHS Pensions will communicate if annual allowance is breached.
- The 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.
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