SAVE THE DATE

Pensions Webinar – McCloud judgement and GP pensions session: What GPs should do now

Wednesday 4th December 2024 1pm – 2pm MS Teams

Up to 50% of pensions statements being sent to NHS pension members affected by the McCloud remedy may contain incorrect information, medical accountants have estimated. Remedial pension savings statements (RPSS) that carry updated details about a member’s retirement pot are needed to recalculate their tax position and determine if they are due tax rebates or if they owe more tax. The tax position may have changed for those whose pensionable service for the years between 1 April 2015 and 31 March 2022 was ‘rolled back’ into the 1995/2008 pension ‘legacy’ scheme last October. This measure was taken under the McCloud remedy that sought to address age discrimination caused by changes in 2015 to public sector pensions.

Cheshire LMC will be providing a one hour MS Teams webinar for colleagues who may be affected and have only until 31 January 2025 to complete a tax reassessment process (via an HMRC digital service) to determine where they stand financially. But GPs cannot start without an RPSS, which were due to be sent out by the NHS Business Services Authority by October 6. The Association of Independent Specialist Medical Accountants (AISMA) has now warned that errors have been identified in the first batch of statements sent out. Almost 90% of respondents to a recent survey by the Association of Independent Medical Accountants had identified errors on the statements they had seen. Mistakes include overstated pension growth figures and discrepancies between RPSS and HMRC records on annual allowance tax charges settled by NHS Pensions on behalf of scheme members. Based on those findings, AISMA has estimated that up to 50% of RPSSs could include incorrect data.

The webinar will be delivered by Simon Appleyard and James Gunnery from Wesleyan. Simon Appleyard is a Regional Manager and has worked with the financial planning needs of GPs and those working in Primary Care for over 16 years. He is one of the subject matter experts for Wesleyan to help ensure the company strategy is focussed on the challenges GPs and their Practices face. His role also involves working daily with his team of Specialist Financial Advisers in their work helping clients build and run successful plans for achieving their personal goals.

James Gunnery is a Specialist Financial Adviser in The Wirral & Liverpool area; he has worked in Financial services since 2002 and specialises in GP Financial Planning. His expertise is Inheritance & Legacy Planning and the NHS Pension Scheme).

The webinar will be managed by PCC on behalf of the LMC.

Please use this link to register https://www.pccevents.co.uk/3338. Early booking is advised!

For booking queries, please contact the PCC Events helpdesk on the following email address: events@pcc-cic.org.uk