19. What happens if a GP opts out of the HSC Pension Scheme and then back in again during the same financial year? One certificate will be completed for the period from 1 April 2013 to the date of opting out. And one from the date of opting back in to 31 March 2014. This may involve relieving and generating overlap profits. A third certificate may also be completed for the entire period for seniority purposes (if required). Accountancy Related Questions 20. Q. My accounting year end is 5 April. This falls after the HSC pension year of 31 March in a fiscal year. Do I still include my tax return entries on the certificate for a period that finishes 5 days earlier? A. 31 is the HSCPS year end corresponding to the tax year end. Whilst the tax year ends on 5 April each year, the HSCPS year end finishes on 31 March each year. The 5 day difference between dates can be ignored. The golden rule is that the tax return entries form the basis of pensionable pay. 21. Q. What does separately’ on the main certificate mean? ‘pensioned A. This will be income that has already been pensioned elsewhere in the HSC, i.e. contributions will have already been deducted. For example if a GP works for a hospital and is paid a salary, the GP will have already paid pension contributions on this income at source. GP SOLO income is not regarded as pensioned ‘income separately’ for the purposes of this certificate and must be declared in the relevant boxes in the certificate. 22. Q. What do I do if I am subject to overlap’? ‘pensions A. You should seek assistance from an accountant or alternatively refer to the ‘overlap’ guidance notes provided in earlier year’s guidance notes on the certificate which can be found on 23. Q. How do I know if I am, or ever was, subject to the pensionable earnings cap? A. If your first joined the HSC pension scheme on or after 1 June 1989 you will be subject to the cap. This will also apply if you joined before 1 June 1989 but had a break of 365 days or more that ended on or after 1 June 1989. However since April 2008, the cap has not been applicable to your main pensionable earnings, but may still affect your added years contract. You should seek advice from an appropriately qualified professional adviser.
19. What happens if a GP opts out of the HSC Pension Scheme and then back in again during the same financial year? One certificate will be completed for the period from 1 April 2013 to the date of opting out. And one from the date of opting back in to 31 March 2014. This may involve relieving and generating overlap profits. A third certificate may also be completed for the entire period for seniority purposes (if required). Accountancy Related Questions 20. Q. My accounting year end is 5 April. This falls after the HSC pension year of 31 March in a fiscal year. Do I still include my tax return entries on the certificate for a period that finishes 5 days earlier? A. 31 is the HSCPS year end corresponding to the tax year end. Whilst the tax year ends on 5 April each year, the HSCPS year end finishes on 31 March each year. The 5 day difference between dates can be ignored. The golden rule is that the tax return entries form the basis of pensionable pay. 21. Q. What does ‘pensioned separately’ on the main certificate mean? A. This will be income that has already been pensioned elsewhere in the HSC, i.e. contributions will have already been deducted. For example if a GP works for a hospital and is paid a salary, the GP will have already paid pension contributions on this income at source. GP SOLO income is not regarded as ‘income pensioned separately’ for the purposes of this certificate and must be declared in the relevant boxes in the certificate. 22. Q. What do I do if I am subject to ‘pensions overlap’? A. You should seek assistance from an accountant or alternatively refer to the ‘overlap’ guidance notes provided in earlier year’s guidance notes on the certificate which can be found on 23. Q. How do I know if I am, or ever was, subject to the pensionable earnings cap? A. If your first joined the HSC pension scheme on or after 1 June 1989 you will be subject to the cap. This will also apply if you joined before 1 June 1989 but had a break of 365 days or more that ended on or after 1 June 1989. However since April 2008, the cap has not been applicable to your main pensionable earnings, but may still affect your added years contract. You should seek advice from an appropriately qualified professional adviser.
Annual_Certificate_Completion_Guidance_Notes_2015-16.docx