I am taking 24-hour retirement on 1 December 2009 and the assessment of my accrued NHS pension fund as at 1 April 2006 (pensions 'A-Day') when the lifetime allowance (LTA) came in put me well over the limit to avoid tax penalties. I applied for and received enhanced pension protection under the transitional arrangements.
I think I am over the LTA again due to the revised dynamising factors set after the BMA won the judicial review over the government capping GPs' super-annuable income. What can I do?
Where NHS Pension Scheme members applied for HM Revenue & Customs' (HMRC) transitional pension protection using NHS values for 1 April 2006 before the post-judicial review dynamisation factors were used to revise their accrued funds, they should now contact NHS Pensions and request a 'Judicial Review A-Day valuation' of their benefits instead.
Once you have this information, I suggest you consult your financial adviser about your best course of action if indeed it seems you will be over the LTA on taking 24-hour retirement. It may be that you are eligible to have your pension protection amended by HMRC and so avoid tax penalties.