Scheme Pays

Paying tax on pension savings over the Annual Allowance limit

If your pension savings go over the Annual Allowance, you may have to pay a tax charge.

We're updating our Scheme Pays leaflet to include more information about: 

• Why you would have to pay a tax charge
• How you can pay the tax charge
• How much tax you will have to pay
• When the ‘Scheme Pays’ option can be used
• How you use the ‘Scheme Pays’ option
• How your benefits would be reduced under the ‘Scheme Pays’ option

Please keep an eye on this web page for more information.