Tax updates 2022/23

Important information for ESPS and Retirement Balance Plan members

Due to high inflation in the UK, many of our members may have exceeded the Annual Allowance for the 2022/23 tax year and for some members, this may result in a tax charge.

If you are liable for a tax charge the Trustees of the ESPS offer a mechanism called ‘Scheme Pays’ where the Scheme will pay the tax charge on your behalf, but your pension benefits will be reduced accordingly. If you would like to take advantage of ‘Scheme Pays’ it is very important that you contact Railpen within the deadlines set out in your Pension Savings Statement which is issued by the 6^th October each year in respect of the previous tax year. Please note that for logistical reasons it is NOT possible to provide this information earlier than October. 

Please note that the Pension Savings Statement only sets out the position in relation to the ESPS or the Retirement Balance Plan (as applicable). It does not take into account any additional pension savings that you may have made (including the bonus waiver) outside of Uniper during the 2022/2023 tax year.

The pensions team at Uniper have put together a document containing frequently asked questions in relation to the Annual Allowance for both ESPS members and RB Plan members, and you can find links to these below.