Our NHS Pension Calculators
The first a historical one to assist in determining if an Annual Allowance tax charge may be payable for 2018/19 and with the assistance of your accountant or financial adviser determine whether the quantum of tax can be paid personally or by way of a Scheme Pay Election.
The second calculator allows an estimation of the anticipated deemed pension growth such that advice can again be sought from your accountant or financial adviser.
Most accountants and financial advisers will have their own toolkit to determine if there are any issues. Our annual allowance calculators act only as a toolset to help alert you to any issues.
Even if the calculator produces a deemed pension growth of less than £40,000, you must discuss whether the information you provided on this website was accurate, and – more importantly – whether Tapering of the Annual Allowance impacts upon you.
The calculator is only for members of the 1995 and 1995/2015 NHS Pensions Schemes. It does not cover 2008 members nor mental health officers. Calculators for these schemes have been produced but are currently being tested.
How the calculators work
The calculator asks 1995 members only 4 questions relating to pensionable pay and length of service. Pensionable pay is on the bottom left-hand corner of your monthly payslip.
For 1995/2015 members, one additional question is asked regarding value of 2015 pension for Annual Allowance purposes.
If no information is available then 2018 pensionable salary can be used. It assumes you entered the 2015 scheme on 1 April 2015. If not and you transitioned, then the calculator needs an adjusted salary figure as described in question 5.
The common limitations of our calculators are as follows:
Finally, Sandison Easson Medical Accountants Limited is not responsible for any acts or omissions arising from the use of our Annual Allowance calculators. We strongly suggest discussing the accuracy of any result with your accountant or financial adviser. Sandison Easson Medical Accountants Limited and its associated group members are not financial advisers, and the calculator toolkit’s sole purpose is to assist in determining if Annual Allowance tax is an issue and alerting individuals to seek professional assistance.