A pension savings statement 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.
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 your employer sends this annual update after 6 July, we’ll send you a statement within 3 months of receiving the annual update.
If you've not received your pension savings statement, your statement may not be able to be completed by our automated system and must be calculated manually. We acknowledge this means you'll be waiting longer than we would like to receive your statement.
You can request a statement if you’ve not exceeded the AA. This is known as an 'On Demand' statement. We're currently sending members a Remediable Pension Savings Statement (RPSS), so again we acknowledge this means you'll be waiting longer than we would like to receive your statement.
Your statement is calculated on information provided by your employing authority (EA). If you think your statement is incorrect, contact your EA to check the annual update they’ve sent is correct.
You can find an example of a pension savings statement in the ‘Pensions saving guide'.
Members affected by rollback
For members affected by the public service pensions remedy, we cannot send you a pension savings statement until we've sent you a RPSS.
We've been working to make sure members who need an RPSS and pension savings statement receive them as soon as possible but we recognise there are delays if statements cannot be completed by our automated system and 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 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.
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 kept records of the calculation. Even if the figure needs to be changed, you’ll not receive a late-filing penalty.
Read guidance on how to estimate a provisional tax charge.
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
In our information about the HMRC Digital Service, you can find out more about how to rectify AA charges for the remedy period tax years and 2022/23 tax year.