2023-2024 Basic Annual Allowance Estimate
With the delays in the 2023/24 Pension Savings Statements and the recent letter from NHSBSA asking members to calculate their 2023/24 pension growth "to the best of their ability", we've been receiving many worried emails at Medifintech.
To help ease these concerns, we've launched a free, super-simple online calculator. It’s designed to provide a rough estimate of your pension growth for 2023/24, for 95 section members (Full-time Officers & Practitioners), to assist with your self-assessment.
Please note that the NHS Pension Scheme is extraordinarily complex, with numerous nuanced rules and variables that could significantly impact your pension growth calculation and the output provided by this tool.
If you also need assistance with your Remediable Pension Savings Statement, click "Register Now" above to enrol in our dedicated McCloud remedy support service. The McCloud Remedy Support service costs £1,000 inc VAT and our costs are fully recoverable through the NHSBSA cost claim-back scheme in England & Wales (still waiting for final details for Scotland/Northern Ireland).
Disclaimer
This tool is intended to assist with calculating a provisional figure for your Self Assessment, based on your best efforts and available information. It provides an indicative overview of the interactions between inflation, salary, annual allowance tapering, and tax. This has been put together at very short notice, over a couple of hours, so we'll call this a Beta release to cover off any potential errors!
HMRC has confirmed that using a provisional figure, calculated to the best of your ability and supported by records, will not result in a late-filing financial penalty, even if the figure is later found to be inaccurate.
This tool is not a substitute for formal financial advice from a qualified accountant or financial advisor. The results generated should not be relied upon as the sole basis for decision-making. If you are unsure, seek professional financial advice. We take no responsibility for how the results of this tool are used or interpreted.