HM Revenue and Customs impose two controls on the amount of pension savings you can make without having to pay extra tax. These controls are known as the annual allowance and lifetime allowance.
This is in addition to any income tax you pay on your pension once it is in payment.
Peninsula Pensions is legally required to provide any scheme members who have potentially exceeded the Annual Allowance threshold for the previous tax year with a pensions savings statement by 6th October.
In the event that you require a statement before the 6th October, we would recommend that you use the HMRC online calculator or consult an Independent Financial Advisor. We have experienced a considerable increase in the number of requests for early statements over recent years and unfortunately cannot guarantee to provide you with a statement prior to the statutory deadline of 6th October.
More information, including factsheets covering both annual and lifetime allowance, can be found on the national LGPS website at Tax controls and your pension and you can watch the videos below.