Salaried GP Pensions? Am I up to date?
Page Kirk are proud members of the Association of Independent Specialist Medical Accountants (AISMA), which gives doctors reassurance that we can deal with their unique circumstances. Expert Rachael Cobb takes a look at some of the pitfalls that GPs can face in relation to pensions.
It's easy to fall into the trap of assuming our pensions are up to date. Realistically, we often see them as paying out a long way in the future. But have you checked your total rewards statement? And ensured that the information recorded is correct?
Each year, a salaried GP must submit a Type 2 pension form which can be found at the link below:
https://www.nhsbsa.nhs.uk/member-hub/information-practitioners-and-non-gp-providers
This form is due by the 28 February each year, following the tax year. I.e .31st March 2021 form is due by 28th February 2022
The form enables Primary Care Support England (PCSE) to ensure that the contributions are correctly calculated and that these have been taken from the practice and recorded under individual's specific pension records. Adjustments are made and deducted from – or refunded to – the practice once the form has been processed. The information is then relayed to the pensions team.
PCSE have many records which are not currently up to date, but they haven't informed the individuals concerned. This causes many issues on retirement, as getting hold of information can often be hard, especially when it dates back further than a few years ago.
Changes in jobs and surgeries merging or being taken over can often add to the difficulty in getting duplicate information to complete the forms. Whilst it may seem like a task that can be delayed, it shouldn't be put off, as there may be several years incomplete, which will affect your total rewards statement and may affect the pension received overall when you come to retire.
At Page Kirk, we can complete your Type 2 pension certificate or offer a review service to ensure it has been correctly prepared. We can also take a look at your pension annual allowance position and, if you go over the allowance, we can assist you in informing HMRC and completing all relevant documentation on your behalf for an agreed fee.
Contact us if you would like any more information about how we can help you. Call 0115 9555500 or email enquiries@pagekirk.co.uk.