Pension error means thousands of Britons risk missing out on £1,000s ()
<iframe frameborder="0" height="100%" scrolling="no" src="https://www.gbnews.com/res/scraper/embed/?video_url=https%3A%2F%2Fmm-v2.simplestream.com%2Fiframe%2Fplayer.php%3Fkey%3D3Li3Nt2Qs8Ct3Xq9Fi5Uy0Mb2Bj0Qs%26player%3DGB003%26uvid%3D52821447%26type%3Dvod%26viously_id%3DQwuQdPrgETy" width="100%"></iframe><br/><p>Thousands of Britons have been warned about being at risk of losing £1,000s after a huge pension error. </p><p>The NHS Business Authority, responsible for managing workers' pensions, missed a critical deadline, leaving approximately 14,600 doctors unable to plan their pensions.</p><h3></h3><br/><p>The authority was required to issue statements to workers by April 1, the statutory deadline. </p><p>These statements, known as "remedial service statements" and "remedial pension savings statements," are intended to show workers the value of their pensions and any benefits they are entitled to.</p><h3></h3><br/><img alt="Stressed doctor" class="rm-shortcode" data-rm-shortcode-id="026f522824fa71c9c162de5b58831dc2" data-rm-shortcode-name="rebelmouse-image" id="43c78" loading="lazy" src="https://www.gbnews.com/media-library/stressed-doctor.jpg?id=59804837&width=980"/><h3></h3><br/><div class="embed-latest"></div><p>For instance, the statements outline whether doctors have any remaining "annual allowance" — the amount they can contribute tax-free to a pension each year (currently £60,000).</p><p>If there is leftover annual allowance from the past three years, doctors can use a "carry forward" scheme to apply it in the current tax year, but they need the statements to make that decision.</p><p>By missing the deadline, thousands of doctors are left in limbo and unable to make crucial decisions about their pensions, potentially resulting in financial loss in the future.</p><p>Around 14,646 GPs and consultants could be affected by the delays, according to a letter sent to City Minister Emma Reynolds by Quilter.</p><p><strong>MORE LIKE THIS:</strong></p><ul><li><a href="https://www.gbnews.com/money/state-pension-warning-deadline-to-keep-hundreds-of-pounds" target="_self">State pension warning: Thousands have just hours left to take action or lose out on up to £11,500</a></li><li><a href="https://www.gbnews.com/money/state-pension-payment-boost-48-hours-april-2025-details" target="_self">State pension recipients to get huge payment boost in fewer than 48 hours - all the details</a></li><li><a href="https://www.gbnews.com/money/state-pension-keir-starmer-major-update-tear-up-triple-lock" target="_self">Keir Starmer makes major state pension update amid calls to tear up 'unsustainable' triple lock</a></li></ul><h3></h3><br/><p>In the letter, NHS pensions expert at Quilter Graham Crossley said: "The delays have led to missed opportunities for members to make informed pension contributions.</p><p>"Without timely access to their [statements] many individuals have been unable to determine their carry forward position."</p><p>He added: "As a result, some have hesitated to contribute to their pensions—only to later discover they had unused annual allowance that could have been used.</p><p>"In cases where that unused allowance dates back three tax years, the window to utilise it has now permanently closed."</p><h3></h3><br/><img alt="NHS" class="rm-shortcode" data-rm-shortcode-id="b4265032c48f2b0263f36d3fb4b72d76" data-rm-shortcode-name="rebelmouse-image" id="05684" loading="lazy" src="https://www.gbnews.com/media-library/nhs.jpg?id=52134110&width=980"/><h3></h3><br/><div class="embed-dontmiss"></div><p>He added that doctors may face paying extra tax because of the delays.</p><p>This is due to the absence of a technical document known as a Transitional Tax-Free Amount Certificate, which precisely calculates the amount of tax-free benefits a doctor has used.</p><p>Without this certificate, doctors may inadvertently pay additional tax when they shouldn't have to.</p><p>Considering that senior NHS consultants can earn up to £131,964, the resulting losses could amount to thousands of pounds.</p><p>Crossley told The Sun: "We are disappointed in the delays surrounding the delivery of remediable service statements for affected NHS Pension Scheme members.</p><p>"These delays have made financial planning difficult for many individuals, the uncertainty has led to missed opportunities to use full allowances, and these opportunities are lost unless the government introduces exceptional measures, such as extending carry forward rules to five years instead of three."</p>
