Isio launches new individual service to support NHS employees with pensions tax roll-back

7th November 2024 – Isio, a leading independent provider of pensions and employee benefits consultancy, announces the launch of its new individual service designed to streamline support for NHS employees affected by the McCloud pensions tax roll-back.

The McCloud remedy addresses age discrimination in the 2015 public service pension reforms. It involves rolling back the 2015 scheme benefits into the previous final salary schemes for affected public sector members. But many senior NHS staff will have to also revisit up to seven years of self-assessment tax forms by 31 January 2025 (or 3 months after being notified if later).

The new service will help these NHS Pension Scheme members, who will receive a Remediable Pension Savings Statement (RPSS), to collect the required data and submit it to HMRC. Isio’s service manages the entire process, allowing members to easily claim tax refunds where appropriate (and in some cases pay additional tax charges). The service is also be available for senior police employees affected by the same issue.

Isio’s new user-friendly platform offers a “one-stop-shop” solution to address the challenges faced by individual NHS staff, taking on the heavy lifting required by this process. Isio has an experienced team equipped with the latest digital tools and knowledge of the NHS Pension Scheme and pensions tax matters. The service has been designed so that the fees are compensable under the NHS’s McCloud Cost Claim Back Scheme meaning individuals should not be out of pocket.

Paul Moffatt, Director and Head of Healthcare at Isio, said: “Our new service is designed to simplify the complex process of managing tax positions to ensure senior NHS staff meet their deadline with ease. By leveraging the latest technology and our deep expertise in pensions and tax, we can provide robust support to help them navigate these changes effectively. This service offers a straightforward and efficient solution at no expected cost to the individuals.”

For more information about the McCloud Remedy, please visit: https://mccloud.isio.com/nhs-pensions-remedy-and-tax/