It shows the total pension growth for the 1995, 2008, and 2015 NHS Pension Schemes. If the total pension growth is more than the annual allowance (AA), we aim to send a pension savings statement.
If it’s less than the AA, you can still request a statement. This is known as an ‘On Demand’ statement.
View an example of a pension savings statement in the ‘Pensions saving guide'.
Timescales
HM Revenue and Customs (HMRC) have a deadline for us to send statements to members which is 6 October following the end of the tax year.
We can only calculate your pension growth if we receive the annual update of pensionable pay and service from your employer by 6 July. If they send this after 6 July, we’ll send you a statement within 3 months of receiving the annual update.
If you’ve requested an ‘On Demand’ statement, as we're currently sending members a Remediable Pension Savings Statement (RPSS), you'll be waiting longer than we would like to receive your statement.
Statement is incorrect
Your statement is calculated on information given by your employer. If you think your statement is incorrect, contact them to check the annual update they’ve sent is correct.
Not received statement
Your statement may not be able to be completed by our automated system. This means it must be calculated manually. We acknowledge this means you'll be waiting longer than we would like for to receive your statement and apologise for the inconvenience this will cause.
Members affected by the public service pensions remedy (also known as McCloud)
We cannot send you a pension savings statement until we've sent you an RPSS. We've been working to make sure members who need an RPSS and pension savings statement receive them as soon as possible. We recognise there are delays as statements cannot be completed by our automated system and these must be calculated manually. All public service pension schemes are facing similar challenges around timings. We're speaking with them regularly to make sure shared guidance is available for affected members.
For members who did not receive their pension savings statement for the relevant tax year before the deadline for self-assessment tax returns, HMRC confirmed you must complete your self-assessment as normal using a provisional figure by the 31 January deadline. This is a figure calculated to the best of your ability.
Use the HMRC self-assessment calculator to calculate an estimate.
There will not be a financial penalty from HMRC if the provisional figure you use is incorrect if you’ve tried to calculate it to the best of your ability and keep records of the calculation. Even if the figure needs to be changed, you’ll not receive a late-filing penalty.
When you receive your pension savings statement, you must update your self-assessment tax return with the actual figure within one year of the 31 January deadline.
If the actual figure is higher than the provisional figure you provided and you’ve paid the tax charge yourself rather than using scheme pays, HMRC will apply interest due on the difference. If you only completed a self-assessment because of your estimated pension tax liability and you do not have an AA charge for the relevant tax year, you must tell HMRC you no longer need to submit a self-assessment return.
There should not be a penalty, but interest may be charged if you:
- have reasonable grounds to think you've not breached the £60,000 standard AA amount for the tax year 2023/24 and onwards
- do not submit a self-assessment tax return by the 31 January deadline
- have an AA charge when you receive your delayed pension savings statement for the relevant year