You must report an annual allowance tax charge by 31 January 2023
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 2021/2022, you must declare the annual allowance tax charge on your self-assessment tax return by 31 January 2023.
If your LGPS pension savings exceeded the standard annual allowance in 2021/2022, or were close to exceeding, we will have provided you with a pensions savings statement by 6 October 2022.
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 Pension 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 2023.
More information can be found on our scheme pays webpage.