Mandatory Scheme Pays (MSP)
The deadline for Mandatory Scheme Pays applications for 2018/19 is 31 July 2020. All applications must be received by SPPA on or before this date, any received after the deadline will only be treated as Voluntary Scheme Pays. The minimum Mandatory Scheme Pays application is £2,000.
Voluntary Scheme Pays (VSP)
SPPA is sympathetic to the situation that NHS staff currently find themselves in during the Coronavirus (COVID-19) pandemic and have extended the 2018/19 Voluntary Scheme Pays application deadline by three months to 31 October 2020. SPPA accept voluntary applications after this date but these will be treated as late and it is not guaranteed that payment will be made to HMRC by 31 January. The minimum Voluntary Scheme Pays election is £1,000.
General Scheme Pays Information
- Members must complete and sign the election form and submit to SPPA;
- No MSP/VSP Elections will be accepted from a Financial Advisor or an Accountant;
- All MSP/VSP correspondence will be sent directly to the member;
- We are aware that members may not have received their Pension Savings Statement (PSS) to meet the statutory deadlines. Members can submit an estimated Scheme Pays election form which can then be amended if necessary once they receive their PSS;
- SPPA will pay the tax charge of all scheme pays elections received unless the member writes to us to request the application is cancelled as they no longer satisfy the requirements;
- Members have up to 4 years to amend a MSP/VSP election.