We offer mandatory and voluntary Scheme Pays to pay your Annual Allowance charge if you’ve exceeded the Annual Allowance on your NHS MPAVC.
This could be standard, tapered or alternative Annual Allowance.
You must contact us to request a NHS MPAVC Scheme Pays Election Notice (SPE3).
For the tax year 2021/22 the SPE3 must be returned by 31 July 2023.
For the tax year 2022/23 the SPE3 must be returned by 31 July 2024.
If you retire before 31 July, the election must be completed and sent to us before your NHS MPAVC Scheme benefits become payable.
If you reach age 75 before 31 July, the election must be completed and received by us before your 75th birthday.
We’ll tell you that we’ve accepted your Scheme Pays election and if it’s being paid using our mandatory or voluntary Scheme Pays facility, or both.
We recover the cost of paying your Annual Allowance charge by taking this from your fund value.
Read more information about Annual Allowance on our website.