How we got a Homerton Hospital consultant a £14,800 pension annual allowance refund
Client R is a hospital consultant at Homerton University Hospital with NHS pensionable income plus some private practice income, total income around £175,000. The tapered annual allowance combined with NHS pension growth had created annual allowance charges the previous accountant had been paying from Client R's personal bank account, without using carry-forward.
We reviewed three open years of NHS Pension Savings Statements, calculated the correct tapered annual allowance each year, identified unused allowance brought forward from earlier years which reduced the chargeable amounts, and used carry-forward to cut the charges. Where charges remained, we made Scheme Pays elections so the NHS pension settles them rather than Client R's bank account.