NHS pension delays

The form shows annual NHS pension figures, which are needed to complete tax returns by January 31 2014, but many dentists are still overdue this information.

Some dentists had less than a fortnight in December to decide whether to pay an HMRC annual allowance charge through the NHS Pensions Scheme Pays option or by adjustment to their 2011/12 tax return. 

Jon Fearn, a qualified independent financial adviser and NHS Pension specialist for PFM Dental says:

“One of our clients only received his PSS1 form, confirming he had exceeded the annual pension allowance for the 2011/12 pension year, on the December 19th. With a deadline for action of December 31^st and Christmas and Bank Holidays to contend with, this gave him insufficient time to liaise with his professional advisers and make an informed decision.

“With the Scheme Pays deadline missed, NHS Pensions listened to our appeal and has allowed him to apply for the Scheme Pays method of settling the HMRC charge. This prevented the need for the dentist to produce £20,000 at short notice.