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Document What is the relevant date for interest to be applied to the Scheme Pays?

The ‘relevant date’ (the date from which interest is added to Scheme Pays balance) is 1 January following the deadline for receipt of your Scheme Pays election notice.
                                                                                                             
Tax year                     Scheme Pays deadline       Relevant date
2011/2012                 31 December 2013             1 January 2014
2012/2013                 31 July 2014                         1 January 2015
2013/2014                 31 July 2015                         1 January 2016
2014/2015                 31 July 2016                         1 January 2017
2015/2016                 31 July 2017                         1 January 2018
2016/2017                 31 July 2018                         1 January 2019
2017/2018                 31 July 2019                         1 January 2020
2018/2019                 31 July 2020                         1 January 2021
2019/2020                 31 July 2021                         1 January 2022
 
The Scheme Actuary confirms that interest must be added to the amount of Annual Allowance charge paid from the 1995/2008 Scheme and the 2015 Scheme. The interest applied each year is based on the previous September’s Consumer Price Index (CPI) figure plus the Superannuation Contributions Adjusted for Past Experience (SCAPE) discount rate. The SCAPE discount rate changed from 3% to 2.8% on 16 March 2016.
 
NHS Pensions reserves the right to change the amount of interest charged following guidance received from the scheme actuary.
 
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