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Important Changes to NHS Pension Scheme Contributions & Rates from 1 April 2015

by admin, on 20th February 2015 | 0 comments

Sadly this is not an April Fool …..

From 1 April 2015 the pay figures used to set the contribution tier rate for all Practitioners and non-GP Providers who start or leave in year is annualised.  This is a departure from the position that has been adopted for the last few years and will have a significant impact on the tiered contribution rates payable by some.

For example, a GP retiring on 30 June 2015 with Superannuable Profits of £30,000 would previously have made employee contributions at 9.3%. This change will mean that the Superannuable Profit should now be annualised to a notional figure of £120,000 and be subject to the 14.5% rate and will increase the employee contributions payable by £1,560!

A similar situation can also arise when a GP joins a practice.

For more information on how these changes might affect you or your practice please contact Richard Hilling at [email protected]

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