NHS Consultants…
a paper trail

If you are an NHS Consultant you will have likely been aware for some years that the calculations relating to the pension annual allowance are hugely complex and difficult.

This is further compounded (as some of you will have experienced) by the fact that occasionally some of the documentation produced by the NHSBSA contains errors.

And the calculations become harder still when we are faced with ‘gaps in the data’.  Suffice to say – the more information we have, the better our calculations will be.

That said, here is a complete list of all the documents that we would require in order to get these calculations right for you:

Total Rewards Statement (available to you online – but overwritten each year in August)

  • Annual Allowance Pension Savings Statement (only issued automatically by the NHSBSA in certain circumstances; so some of you will need to specifically request these)
  • P60
  • P11D if applicable
  • Payslip for March
  • Accounts / Tax Return for any Private Practice income
  • And as if this doesn’t sound like a lot – in order to do your calculations completely (and historically) we need these documents for:
  • ALL tax years going back to 14/15
  • ALL schemes … you will now be in the 2015 Scheme, but clearly we need information about your membership in the original 1995/2008 Scheme as well

Our admin team here at Solomon’s is currently working hard on trawling back through our records to see how many (or how few!) of these documents we have on file for each of our clients who are NHS Consultants (not an enviable task).

If you are one of our clients who religiously sends us these documents each year – thank you for being so meticulous (you may now stop reading this post with a contented grin!)

If you know that you have not been sending us these documents, please do drop us a line and we will confirm precisely what documents are missing.

Either way – the annual allowance is very likely to be something that all NHS Consultants need to worry about at some point (if not already) – so don’t delay in getting your paperwork up to date – it will save a lot of time and effort (and anxiety) in the long run.

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk