16 October 2024
If you are an employed deferred member of the Fund, we posted information to you earlier this month about your 2023/24 pension savings statements.
These statements are usually posted to members who exceed the standard Annual Allowance, which is currently £60,000 a year. However, because you built up benefits in both the DB Section and the DC Section during the 2023/24 tax year, it’s possible that you haven’t received a pension savings statement this year, because your individual ‘pension input amount’ in each section is below the Annual Allowance. However, you may find that the combined value of your DB and DC pension input amounts is greater than £60,000, and so a tax charge may be due.
You can read about it here to help you decide if this affects you.