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HM Revenue & Customs (HMRC) have asked pension schemes to remind members that: “it is really important that those who have exceeded the Annual Allowance for (the tax year) 2016 to 2017 to declare this on their Self Assessment tax return (the…

In 2015 the government implemented reforms to all main public service pension schemes. Public service pensions are some of the most generous pension schemes available, rewarding those who dedicate their working lives to public service. The…

Important information for members who have an annual allowance charge for 2018/19: In a Pensions Schemes Newsletter 115 (26 November 2019) article HMRC has asked scheme administrators to remind members who have an annual allowance charge for 2018/…

Further to guidance issued on 10 October 2019, we would like to update members on annual allowance statements.  We issued annual allowance statements through our automation process, meeting the legislative deadline of 6 October 2019. However, we…

In November 2019, NHS England and NHS Improvement (NHSEI) announced that clinical staff who go over their annual allowance for the 2019/20 tax year and who use Scheme Pays to pay the tax charge can be compensated in retirement for any reduction to…

In December 2019, the Welsh Government announced that clinical staff who go over their annual allowance for the 2019/20 tax year and who use scheme pays to pay the tax charge can be compensated in retirement for any reduction to their NHS Pension…

Each year, 2015 Scheme pensions for members who are still actively contributing are reviewed to keep up with the rise in cost of living. The 2015 Scheme pensions are reviewed using the Consumer Price Index (CPI) in the year before, plus an…