What is your pension saving statement?
Your pension savings statement details your ‘pension input’ or ‘growth’ across all your NHS schemes during the 2021/22 tax year, as well as the previous three tax years. Your pension input amount is simply the growth in the capital value, above inflation, of your NHS pension benefits.
Why do I need a pension savings statement?
Your pension savings statement is used by your tax advisers when preparing your tax return to review your annual allowance position and determine whether an annual allowance excess charge applies.
Do I need to request a statement?
If the growth in one of your schemes exceeds the standard annual allowance of £40,000 in the tax year, your pension administrator should automatically issue you a pension savings statement by 6 October 2022.
However, there are several situations where your scheme administrator will not automatically issue you with a statement but will still be required to review your annual allowance position:
- Your total pension input is less than the standard annual allowance of £40,000 but your total earnings mean that you have a tapered annual allowance.
- Where the total pension input or growth is in excess of the standard annual allowance of £40,000 but is split across several schemes and each scheme is individually below the threshold.
How do I request my pensions savings statement?
If either of the above situations apply to you, or you believe you should have received a statement automatically but didn’t, you can request your pensions savings statement by contacting your scheme administrator directly.
If you require any assistance with your annual allowance or need assistance reporting an annual allowance charge, then please speak to your usual contact at Whitings or call us on 01284 752313.