19 September 2024
If you are covering the latest update from HMRC on the public service pensions remedy, please see comment below from Graham Crossley, NHS pension expert at Quilter:
“HMRC has recently launched an updated digital service aimed at assisting Public Sector pension members with processing their McCloud remedy annual allowance reassessment. This update is timely, ensuring that members can process their Remedy Period Savings Statements which members should receive by the upcoming deadline of 6th October 2024.
“This new service has the potential to provide significant benefits, potentially facilitating thousands of pounds in rebates for members. However, the comprehensive nature of the service, which spans hundreds of pages, may pose challenges for some members in navigating and understanding the full scope of the information.
“In light of these challenges, it’s encouraging to see that some schemes are stepping up to offer support. Notably, the NHS Business Services Authority (NHSBSA) has introduced a cost-claim back scheme. This initiative allows members to claim up to £1,000, including VAT, for accountancy services related to the use of the HMRC Digital Service for completing applications. This support could be invaluable for members needing professional assistance to ensure they fully benefit from the new service.
“Overall, while the updated digital service from HMRC represents a significant step forward, the additional support from schemes like NHSBSA will be crucial in helping members navigate the complexities and maximise their potential rebates.”
