Could your NHS Pension be worth more than you think?

From Saturday, 6 April 2024, the government removed the Lifetime Allowance (LTA) and introduced new allowances, including:

• Lump Sum Allowance (LSA)
• Lump Sum and Death Benefit Allowance (LSDBA)
• Overseas Transfer Allowance (OTA)

When NHS Pensions applies Pension Increase (PI) in the first year following retirement, members may be entitled to what is called "a second bite" lump sum. This occurs when PI is added to the lump sum from your original award.

As NHS Pensions may be paying a second bite lump sum, this amount is still subject to the LSA, which has replaced the LTA. NHS Pensions requires completion of the relevant form to run calculations, confirm whether a second bite lump sum payment is due, and ensure the payment is taxed correctly under the new LSA rules set out by HMRC.

Completion of the below form enables the Pensions Awards Team to apply the PI to the pension award.

What you can do

Please click on the button below, and select in the top right corner 'Edit a copy' to be able to edit the form.

After completion, if you are a Larking Gowen client, you can send your completed form to your usual Larking Gowen contact for review and onward submission. 

If you are not a client, please send your completed form here.