You must report an annual allowance tax charge by 31 January
The Annual Allowance is the amount your pension benefits can increase over a ‘pension input period’ without incurring a tax charge.
This limit is set by HMRC and applies to all of your pension savings including those outside of the LGPS.
If you exceed the annual allowance for the year 2022/2023, you must declare the annual allowance tax charge on your self-assessment tax return by 31 January 2024.
If your LGPS pension savings exceeded the standard annual allowance in 2022/2023, or were close to exceeding, we will have provided you with a pension’s savings statement by 6 October 2023. This will have been uploaded to ‘my pension online’ our self-service portal. If you have told us you don’t want to use ‘my pension online’, you will have received a statement in the post.
To report a tax charge arising from your Buckinghamshire LGPS savings, you will need the Pension Scheme Tax Reference number, which is: 00328524RG.
See our Annual Allowance webpage for more information.
We may be able to meet a tax charge arising from your Buckinghamshire LGPS savings on your behalf in exchange for a permanent reduction to your pension. This is known as scheme pays. If you want to use mandatory scheme pays to meet a tax charge, you must apply to us by 31 July 2024.
More information can be found on our scheme pays webpage.
