Police Pension Schemes

Documents/Forms/HMRC News (all schemes)

DOCUMENTS & FORMS FOR POLICE OFFICERS WITH AVON & SOMERSET

Information relating to Police Pension Scheme 1987 and New Police Pension Scheme 2006

Members Guide – Police Pension Scheme 1987

Police Pension Scheme Regulations 1987

Members Guide –  Police Pension Scheme 2006

Members Guide Police Pension Scheme 2015

Pension Transfer in expression of interest Form

ADDED PENSION ESTIMATE FORM 2015

Police Pension Scheme 2006 or 2015 lump sum death grant nomination form

Police Pension Scheme 2006 OR 2015 PARTNER NOMINATION FORM & NOTES  (please note although there is no legal requirement to complete this form we still request as considered best practice)

POLICE OPT OUT FORM 1987 or 2006 or 2015

Appeals procedure for scheme members (Police Pension Scheme 1987 2006 or 2015)

Useful Pensions Information

PPS 1987 COMMUTATION FACTORS 22nd May 2014

PPS 1987 COMMUTATION FACTORS 18 March 2016

 

LATEST NEWS:

THE END OF ‘CONTRACTING OUT’

With effect from 6th April 2016, ‘contracting out’ will be abolished.  To find out what this means to employers and scheme members within the LGPS, Firefighters and Police Pension Schemes,  please read our summary and the Public Sector factsheet.

New Scheme Reforms 2015

Important information for members due to transfer to New 2015 CARE Scheme

Members Guide PPS 2015

2015 Police Scheme Members Presentation

1987 transitional member retirement decision tree

2006 Police transitional member retirement decision tree

2015 police scheme member only retirement decision tree

 

HMRC GUIDANCE – Annual Allowance

If you take a new job or role where your salary increases by a large amount, you may be facing a large tax bill due to you exceeding your annual allowance.

Your annual allowance is the maximum amount your pension ‘pot’ can increase by in a single year.

From 6 April 2011, the annual allowance has reduced from £255,000 to £50,000.

From 6th April 2014 this was £40,000. We will write to you if we believe you are going to exceed this limit.

For the tax year 2015 /2016, the period, (Pension Input Period), used to calculate your annual allowance has been amended from 1st April – 31st March, to 6th April to 5th April. For this 15/16 year only, the calculation will be split into two parts:  First period being: 1st April 2015 – 8th July 2015; and the second period being 9th July 2015 to 5th April 2016.  To allow for this change, there will be an Annual Allowance of £80,000 for the first period, with a maximum carry forward of any  unused allowance to the second period of £40,000 (this is in addition to any unused allowance carry forward from previous three years).

If you are currently paying into other pension arrangements in addition to the Police Pension Scheme and you think you might be affected, please contact usAlternatively, you can find more information at: http://www.hmrc.gov.uk/tools/pension-allowance/

If you are a high earner or receive a large increase in pay, the new allowance may sound high but if you receive a large increase in pay, through promotion or a new role, you may find you have exceeded the limit and you could face a large tax bill.

Any pension growth in excess of the annual allowance is subject to tax at your highest tax rate.

Before accepting a new job offer, please take time to find out if any increase in salary would take you over the limits.

What happens if I exceed the Annual Allowance?

Where the increase in the value of the benefits exceeds £40,000, the excess will be subject to tax at your highest tax rate. However, it will be possible to carry forward any unused annual allowance from the last three tax years; therefore someone who exceeds the annual allowance in 2011/12 will be able to use any unused allowance from 2010/11, 2009/10 and 2008/09.

If after taking into account the previous years unused allowances and you still exceed the £40,000 allowance there is a ‘scheme pays option’ which will allow eligible members with a charge exceeding £2,000, to request that the scheme pays the tax charge with a reduction in your benefits being made, rather than you paying tax out of your current income.

Please note that if you exceed the annual allowance you will also have to complete a self-assessment tax return by 31 January following the tax year in question stating the amount of the Annual Allowance Charge that is to be met by you or the scheme administrator.

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