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date	2019-04-25
tabling member constituency	Cardiff Central
answer › answering member printed	Stephen Hammond

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registered interest

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answering body

answering dept id

answering dept short name

answering dept sort name

hansard heading

house id

legislature


pref label

question text

tabling member constituency

tabling member printed

uin

answer

is ministerial correction

date of answer

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and

answer text

answering member constituency

answering member printed

question first answered

answering member


label

tabling member


label

1123257

registered interest

date

25/04/2019

answering body

Department of Health and Social Care

answering dept id

answering dept short name

Health and Social Care

answering dept sort name

Health and Social Care

hansard heading

NHS: Pensions

house id

legislature

25259

	pref label	House of Commons

question text

To ask the Secretary of State for Health and Social Care, pursuant to the Answer of 8 April 2019 to Question 240581 on NHS: Pensions, what level of interest is applied to annual allowance charges paid through the scheme pays facility of the NHS Pension.

tabling member constituency

Cardiff Central

tabling member printed

Jo Stevens

uin

247725

answer

is ministerial correction

date of answer

30/04/2019

answer text

<p>The ‘Scheme Pays’ facility allows NHS Pension Scheme members to settle their annual allowance tax charges without needing to find funds upfront. However, HM Revenue and Customs requires that if a defined benefit pension scheme pays an annual allowance charge there must be an adjustment to the benefits the member has accrued. The value of the scheme pays charge, plus interest, is recouped from the value of the member’s pension on retirement. The interest rate for scheme pays charges is set at the scheme discount rate. The discount rate for public service pension schemes is currently consumer price index plus 2.4%, which represents the notional rate of investment return on contribution income.</p>

answering member constituency

Wimbledon

answering member printed

Stephen Hammond

question first answered

30/04/2019 16:21:04

answering member

1585

	label	Biography information for Stephen Hammond

tabling member

4425

	label	Biography information for Jo Stevens