PSS shows you the annual capital growth of your NHS Pension ‘pot’.
Why is this relevant? Because your NHS Pension does not actually increase by the amount of contributions that you pay into it.
As an occupational pension scheme, your pension is linked to pensionable pay, as well as many other factors, to determine pension accrual and the consequent ‘growth’ of the pension.
If you’ve been in the scheme long enough to have been a member of the ‘old’ 1995 or 2008 schemes, there will be two parts to the PSS – a 1995/2008 section and a 2015 section, if you’re relatively new to the NHS there may just be a 2015 scheme section to the statement.
What does the statement show?
The statement will be calculated for a particular pension input year (similar to the tax year, but runs to slightly different dates being 1 April to the following 31 March).
If, for example, the statement is for the 2020-21 year (1 April 2020 to 31 March 2021) it will show pension ‘input’ or growth for the 2020-21 year and the preceding three years being 2019-20, 2018-19 and 2017-18 (this relates to the carry forward relief rules).
What do I use the statement for?
The combined growth across both schemes (where relevant) is your ‘pension input’ for the relevant tax year. This should be considered alongside any other ‘growth’ from other active occupational pension schemes, private pension schemes, and in conjunction with the annual allowance each year to determine whether or not you have an annual allowance pension charge (AAC).
This statement is something that should be considered in order to check your AAC position – if you’re not doing this yourself, ask a specialist medical accountant for help as large amounts of money can be involved here.
What pension input year should my PSS be updated to?
This will depend on whether you are an ‘officer’ or a practitioner’.
As an Officer, the Trust will notify NHS Pensions of your pensionable pay after the relevant year end. Let’s say the year end is 31 March 2021, in this case a PSS for the 2020-21 year should be available to you in, or after October 2021.
As a GP Practitioner, NHS Pensions will rely on your Type 1 and/or Type 2 Pension Certificates having been submitted to and processed by the PCSE in order to update their records and make their calculations.
The deadline for submitting the 2019-20 Pension Certificate was 28 February 2021, all being well (and in the absence of any other problems) the 2019-20 PSS will be available to a Practitioner in, or after October 2021. Statements for a Practitioner will always be at least a year ‘behind’ (the exception to this could be a GP Locum who is not required to complete a Type 2 form).
How do I get a PSS?
If ‘combined’ pension input across all NHS schemes exceeds £40k for a year (which is the standard ‘in-year’ annual allowance) you should automatically be sent a PSS for that year (this has historically been posted out).
I use the word should because there are occasions where a record will not be updated in time for the statement run (and there can be several reasons for this) or cases where a statement may not be calculated automatically.
Where combined pension input is less than £40k for the relevant year, a statement will not automatically be sent out to a scheme member.
In cases where a statement is not automatically sent out (for whatever reason that may be) you will need to telephone NHS Pensions to request one (the number is 0300 330 1346). It can take up to 3 months to receive a statement once requested
Having problems obtaining your Pensions Savings Statement, or need some help with your pension record?
Contact doctors@honeybarrett.co.uk or call the Honey Barrett Medical Team on 01424 730345 who will be pleased to assist.
