Welcome to the May edition of the HPMA membership newsletter.
Members of the NHS Pension Scheme could receive a tax bill if their total pension savings exceed limits set by HMRC, says NHS Employers.
These limits are known as the annual allowance, which is calculated each year and the lifetime allowance, which is calculated based on savings throughout a members lifetime.
NHS Employers has produced a guide to annual and lifetime allowances which provides more information to enable employers to support staff to understand these arrangements.
The guide explores:
• What annual and lifetime allowances are
• Which staff could be subject to the allowances
• What employers need to know
• The implications for employing organisations and
• How employers can support staff who might be affected.
More information is available on their website at www.nhsemployers.org