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NHS Pension Warning for Practitioners!

  • 11th December 2013

NHS Pension Warning for Practitioners!

NHS Pension Agency notifications to Practitioners for 2011/12 regarding breaches in Annual Allowance for 2011/12 are absolute tosh!

The NHSPA have been issuing Annual Allowance statements to pension scheme members over the past 6-8 weeks informing them that they have breached the limit for 2011/12.  Where a breach of the Annual Allowance has occurred members have until 31 December 2013 to notify NHSPA whether or not they wish the pension scheme to pay the resulting tax liability on their behalf.  If they do not notify NHSPA they will have to pay the taxation themselves.

Working with concerned pension scheme members we are discovering a high volume of errors in Annual Allowance statements and we are also aware of cases where members should have been notified of an 2011/12 breech but they have had no correspondence to that effect and are thus oblivious to missing the rapidly approaching deadline.

Specialist medical accountants should certainly be aware of the issue and be advising practitioners accordingly as there could be serious financial consequences!

One of our GP clients had been incorrectly told they owed £17,000 in tax. When we did the numbers he did not have any liability, so without the professional advice this doctor could have written a cheque out for £17,000 and sent it to HMRC. Now he doesn't have to pay a penny!

We are happy to deal with enquiries if you wish us to explain this problem in further detail. 0191 653 1022

(Please note decisions impacting upon practitioners pensions must be given by a regulated financial adviser who is authorised and regulated by the Financial Conduct Authority, we would strongly suggest someone who understands the complexities of the NHS pension scheme - refer to Kevin Walker's profile which highlights the calibre of adviser who can assist practitioners with this issue).  If in any doubt, get a second opinion.

Who writes this?

Keith Taylor FCA

Keith Taylor FCA

Director of Medical Services
Find out more about Keith
  • Very smooth changeover to BW, with good communication at all times. Very efficient in the production of the accounts (as promised) and the Partners are delighted with the advice received to date.

    Paul Atkinson, Practice Manager
    Netherfield House Surgery, Northumberland
  • BW Medical Accountants have a good working knowledge of General Practice and are keenly aware of the challenges Practices face within the changing environment of the NHS.  Benfield Park have been very impressed by the way BW Medical continue to deliver the range of services they provide from Accounts to Tax and NHS Pension advice. 

    We have found Practice consultation and engagement from BW Medical specifically helpful to shape the future of the Practice.

    Jonathan McCutcheon, Practice Manager
    Benfield Park Medical Group, Newcastle
  • We had no hesitation in moving to BW Medical Accountants.  For any business your accountant is integral, and for us one of the most important factors to this relationship is to have a personal and trusting approach, which BW have undoubtedly achieved. 

    The service we receive and the interest they show in our practice assures us that they have a genuine interest in us and commitment to us.  More importantly they are always helpful and polite to answer even the dumbest of questions!  They give us confidence and reassurance knowing that they are always very up-to-date with all the numerous changes within general practice and we would have no hesitation in recommending them to other practices seeking a professional and personal accountancy service.

    Jackie Rotherham, Practice Manager
    The James Street Family Practice, Lincolnshire
  • We moved to BW Medical Accountants in 2013 and we are delighted that we have.  Having been in the same business for over 20 years it is important to have a relationship with the accountancy team but most importantly you need to have trust.  We made the decision to move our business to BW Medical Accountants and having worked with the Team especially Tina we are very satisfied.  Tina going through the accounts brought to our attention many things that I was not aware of in the past.  The first years' experience can only be described as excellent.

    Customer service is first and foremost with BW and this shines through as each and every one of them are approachable, helpful and most importantly understand and know the business.  General practice is complex and is going to get more complex in the coming years.  We need Accountants who truly understand our business. We as a practice and as individuals would certainly recommend BW Medical Accountants.

    Gloria Middleton, Managing Partner
    Westbourne Medical Group, Sunderland
  • We changed to BW Medical Accountants during this financial year and I would say we have just had the most transparent and understandable end of year meeting and the best planning advice I have ever had in 16 years of practice.

    Dr H Jervis, Partner
    Temple Sowerby Medical Practice, Cumbria

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