We are aware that members affected by the Transitional Remedy who are at risk of breaching the Annual Allowance limit have now started to receive their Remedial Pension Saving Statements (RPSS) from the Teachers' Pension Scheme (TPS).
These statements cover the full remedy period going back to the 2015/16 tax year.
The distribution of these statements is staggered and will be ongoing into 2025, so don’t worry if you have not received yours yet, you will have three months from the issuance date to complete this process.
However, if you have already received yours then it is your responsibility to recalculate whether any tax has been over or underpaid for this period.
HMRC has created a dedicated landing page on their website for you to do this
here.
You will need your RPSS to complete this process and you may need historical earnings data from P60s.
HMRC can provide historical data upon request, and you can sign in or create your personal tax account with HMRC
here.
If you have previously made a Scheme Pays election with TPS and this needs to be adjusted as a result of the application of the remedy, this must be done through the HMRC dedicated process from the landing page above.
If you have not previously made a Scheme Pays election but due to the application of the remedy are now subject to one, you will need to submit a request to TPS.
Further guidance on Scheme Pays can be found
here.
More information regarding the Transitional Remedy and the Remedial Pension Saving Statements can be found
here.
Members are reminded that as a trade union, and strictly in accordance with the Finance Act 2004, ASCL cannot provide any financial advice on taxation issues, including about Annual Allowance taxation issues. Instead, members are advised to contact
Quilter Financial Advisers, our ASCL Premier Partner for independent financial advice.