31 July 2026
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2024/25 Scheme Pays deadline set at 31 July 2026, despite many NHS workers missing vital Pension Savings Statements
Quilter, the wealth manager and financial adviser, has written to the Secretary of State for Health and Social Care calling for an extension to the NHS Scheme Pays deadline for the 2024/25 tax year.
In a letter to Rt Hon Yvette Cooper MP, Quilter has urged the government to extend the current 31 July deadline, warning that many NHS pension scheme members are still waiting to receive the Pension Savings Statements they need in order to understand their pension tax position and, where appropriate, make a Scheme Pays election.
Scheme Pays allows NHS pension members to settle annual allowance tax charges through their pension benefits rather than having to find potentially significant sums of money up front.
Quilter argues that without an extension, healthcare workers risk missing the deadline through no fault of their own. It is calling for the government to take the same pragmatic approach it recently adopted for members affected by the McCloud remedy, where the mandatory Scheme Pays deadline was extended to July 2027 after delays in the issuing of remedial pension savings statements.
The call comes as NHS staff continue to face significant demands on their personal time while helping to manage ongoing pressures across the health service, leaving them little time to manage their financial affairs, particularly where vital information is lacking.
Graham Crossley, NHS pensions specialist at Quilter, said:
“Scheme Pays is an important safeguard for NHS pension scheme members facing annual allowance tax charges, but it can only work if people have the information they need to make informed decisions before the deadline expires.
“We are hearing from many healthcare professionals who are still waiting to receive their Pension Savings Statements for 2024/25. Without those statements, it is extremely difficult to assess whether a tax charge exists, calculate any liability and decide whether using Scheme Pays is the right option.
“The government has already recognised through the McCloud remedy that it is unreasonable to expect members to meet deadlines when pension information is delays, and the same principle should apply here. NHS staff should not face financial harm simply because they have not received the paperwork they are due.
“Doctors, nurses and other health professionals already face considerable pressures in their day-to-day roles, particularly as the NHS works to clear the ongoing patient backlog. Extending the deadline would be a practical and proportionate step that gives members time to receive the necessary information, seek advice where needed and make informed decisions about their finances.”
