Tax and remedy

After you are rolled back to your legacy scheme, your pension administrator will re-test your benefits against the annual allowance for the remedy period and make an assessment for the 2022/23 tax year.

Where your revised pension input amount has altered any existing position for your annual allowance in any of the years 2015/16 to 2022/23, your pension administrator will issue you with a revised or new pension saving statement. You will then need to use the HMRC member tax adjustment calculator to calculate any new or increased tax charges. 

This will allow you to:

• work out any repayments you are due for a lifetime allowance or annual allowance charge you have previously paid.
• work out new, reduced or extra lifetime allowance or annual allowance charges that you may have to pay.
• submit information for HMRC to review, once you have made your remedy decision.

To use this service you will need your:

• Pension savings statement, including any revised statements you have been sent.
• Self assessment tax returns, if you filed them.
• P60s and records of income dating back to the tax year 2015 to 2016.
• Retirement statement or a benefit crystallisation event statement, if applicable.
• Details of any public service pension schemes you were a member of between 6 April 2015 to 5 April 2022 and the tax year 2022 to 2023.

You will need to ensure that all submissions to HMRC are complete by 6 July 2027, however you are encouraged to do this as soon as possible so any scheme pays can be correctly adjusted on your record.