The current annual allowance and Remediable Pension Savings Statement (RPSS) process has become a source of widespread confusion for many. 69% of NHS pension scheme members* still await their RPSS. For those medics who have received their statements, many have experienced high error rates requiring multiple corrections and reissues.
What You Need to Know and What Actions to Take
When will my RPSS arrive?
Statements began rolling out in October 2024, with another batch issued in February 2025 and another expected in March. However, delays, errors, and perceived complexities have created uncertainty. As a result, 40% of those who have received their statements have taken no action – potentially risking financial consequences.
Help, I don’t understand
Many are still trying to tackle this heavy topic on their own – but you don’t have to. Help is available, and in many cases, when the RPSS indicates a need for financial advice, the costs can be covered by the NHS pension scheme.
The NHSPS cost claim back scheme is available to all affected. See here for details: The NHS Cost Claim Back Scheme | NHSBSA
Where the service relates to the use of the HMRC Digital Service for the completion of applications, such as with your specialist Medical Accountant you can claim back £1,000 including VAT per piece of advice. If you are reissued with a new RPSS and a fresh set of analyses is required, you should be able to claim again.
Not all accountants or IFA’s will understand the NHS pension scheme and the McCloud Remedy so we are seeing expensive errors by non-specialists. Please consider carefully who you are asking for help. We are of course happy to assist, so get in touch.
When is the deadline?
You have 3 months from the date you receive your RPSS to take action – either by applying for Scheme Pays or settling any outstanding tax bills.
Important: Even if you believe your RPSS contains errors, you must treat it as correct and proceed with any necessary tax payments. If corrections are made later, you will receive a refund or have your Scheme Pays arrangement adjusted accordingly.
DO NOT IGNORE ANY RPSS
Error rates are especially high among GPs, with no GP Remediable Pension Savings Statement issued so far being completely correct. However, don’t be complacent – no member is immune to this issue, and errors can affect anyone.
If you take nothing else away from this article remember:
- Burying your ‘head in the sand’ or ‘If I ignore this it will go away’ are not suitable ways of tackling your RPSS.
- Expert advice and help to complete the necessary paperwork is available to you, with
a reclaimable cost. - Check-in with your adviser – they should be able to help you with some initial assessments as to whether there is a potential liability or claim back.
Take action now to avoid any unwanted financial consequences, and remember we are here to help you navigate.
This article is not specific advice. We would always suggest that you get specialist advice in this area. Get in touch if you require any help.
*Source: Medifintech