Retiring with an incomplete or incorrect NHS Pension record

04 February 2016

04 February 2016 by MHA MacIntyre Hudson

As a number of GP’s come up to retirement an increasingly common scenario we as accountants are seeing is that some members, when reaching retirement age, are finding that their pension history is incomplete.

Quite often if a previous accountant hasn’t been familiar with how to complete the complex annual superannuation certificates, and the GP has not completed them either, then the NHS Pensions Agency do not have an accurate record of earnings for those years.  

Also, as the certificates are very complex to complete and require a great deal of analysis of the income and expenditure of the practice, many GP’s nearing retirement are also coming to us to perform a review of their pensionable earnings history, quite often dating back to the start of the New Contract in 2004 when the system changed, if the figures look incorrect.

Having increasingly seen these errors at ground level it no longer comes as a surprise to us when we find a mistake. Our focus is very much on assisting to make sure everything is correct, ensuring everybody gets their fair share of the pension that they are entitled to in retirement. 

Where there are knock on implications from a tax perspective of either the pension annual allowances and lifetime pension limits, or where members wish to review their options in terms of other financial matters at this crucial stage in their lives then we work closely with financial advisers to provide a seamless service.

If you think this matter affects you, or you know a colleague who it affects then please do get in contact and we will be happy to have a preliminary discussion, at no cost, to see if we can assist.

We have a number of happy clients for who we have achieved good results, and saved them time.

If you would like further information on the above please contact James Gransby.