The 2017 edition of your Pensions Newsletter is available below, in which we will provide details of pension increases for 2017/18 and helpful information that may be relevant to your pension benefits.
The deadline for submitting 2015/16 self-assessment tax returns is 31 January 2017.
Declaring annual allowance charges for tax year 2015/16
In October 2016, Capita wrote to all members who have exceeded their 2015/16 annual allowance. It was explained that they would be liable for a tax charge if they do not have sufficient unused annual allowance to carry forward from previous tax years.
If this apples to you, please be aware that you will need to declare your annual allowance charge on your self-assessment tax return as you will have to pay a tax charge.
You can find more information about the annual allowance and paying the tax charge on GOV.UK.
Changes to the State Pension from April 2016
The factsheet below provides information about the changes the government made to the State Pension with effect from April 2016.
Lifetime allowance scheme administrator look-up service
HM Revenue and Customs (HMRC) have launched a Lifetime allowance look-up service online allowing members to check their protection status. To do so, members will need their protection notification number and scheme administrator reference number which can be found through the 'view it online' link on Pension schemes: protect your lifetime allowance.