Your pension savings statement contains information about your Plan benefits to help you work out if you have exceeded the 2019/20 Annual Allowance.
It also contains information you will need to complete your Self Assessment tax return if you have exceeded the Annual Allowance. The terms used in your pension savings statement are explained below:
- Pension Scheme Tax Reference: the reference number you will need to use when completing your Self Assessment tax return.
- Pension Input Period: the tax year over which we have measured the growth of your pension in the Plan.
- Annual Allowance: the amount your pension can grow without incurring an Annual Allowance tax charge in the year. You need to calculate your individual Annual Allowance which will depend on your Adjusted Income.
- Pension Input Amount: the amount your pension in the Plan has grown during the Pension Input Period.
- Pension Input Amount and Annual Allowance for previous years: you may be able to use any unused Annual Allowance in the three previous tax years to offset any saving that has exceeded the Annual Allowance in the 2019/20 tax year.
If you have other pension arrangements, you will need to contact the administrators of those arrangements for Pension Input Amount details as it is the total Pension Input Amount from all pension arrangements which is used to determine whether you have exceeded the Annual Allowance.