This year the Annual Allowance team have experienced a much higher receipt of work requests than in previous years. Particularly, the requests for ‘On-Demand’ statements have doubled and more recently we have been unable to meet the three month deadline date from receipt to issue with over 5000 requests on hand.
Currently we are still working on statements requested in November 2018 and we are 20 calendar days behind target. Work is underway to improve this within the next 4 weeks.
We have been doing analysis of the ‘On Demand’ work and have identified several trends; going forward we are looking to make system enhancements and process the work differently. It is 6 years since NHS Pensions issued its first Annual Allowance statements and it is clear that members are much more Annual Allowance aware.
We have received a high increase in the amount of revised statement requests with many Employing Authorities submitting data changes following issued statements. Please note that changes outside of the relevant year can have an impact as they affect the members carry forward amounts.
Each year NHS Pensions sends information to HMRC about all members who exceed for Annual Allowance, members and their third parties submit tax returns and scheme pays applications for payment.