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Annual allowance for tax year 2023/24

You will need to obtain pension information for your 2023-24 Self Assessment tax return, due to be completed by 31 January 2025. Here we outline everything you need to know, and any difficulties you may face, in doing this.

Contents

Overview

Delays in producing Pension Savings Statements for 2023-24

Errors in Pension Savings Statements for 2023-24

What to do for the 2023-24 tax return

Annex: The inherent flaw in 2023-24 Savings Statements in England and Wales


Overview

The annual allowance is the upper limit on pension growth (also known as pension input) in any tax year. Pension schemes are obliged to provide pension input amounts (in a document called a Pension Savings Statement) to members:

  • They should do so automatically for anyone who has exceeded the standard annual allowance; the deadline for providing this was 6 October 2024
  • They should do so for anyone requesting a Pension Savings Statement, within three months of the request.

The issue of the annual allowance in 2023-24 has been further complicated by the implementation of the McCloud Remedy. This has resulted in many members seeing their public service pensions changed (known as “rollback”) for the period between April 2015 and March 2022.

Rollback means that pensions that were originally built up in this period in the new, reformed pension schemes (such as the NHS 2015 scheme) have been retrospectively changed and are now treated as if they were in the old, legacy pension schemes (such as the NHS 1995 or 2008 schemes).

This rollback has meant that for many members, the pension input amounts applying between April 2015 and March 2022, have had to be recalculated. The recalculated amounts are being communicated to members through Remediable Pension Savings Statements (RPSS). The RPSS also includes pension input amounts for the tax year 2022-23. Details on what to do with information on a RPSS can be found at our NHS Remediable Pension Savings Statements page.

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