Great news! Your pension savings statement for 2021/22 tax year has now been posted to you.
You will only be issued a pensions savings statement if we believe you may be affected by the Annual Allowance. The Trustee will issue a pensions savings statement if you meet the following criteria:
- have a Pension Input Amount above £40,000
- have earnings from Pearson over £150,000
- have informed us that you are subject to the Money Purchase Annual Allowance and have built up benefits in the Plan
- have requested a statement
Please contact the pensions team if you would like a pensions savings statement, or if you have made contributions to the Pearson Pension Plan during 2021/22 and any of the following statements are true:
- you have income from other sources outside Pearson and believe your total income will be above £200,000
- you have contributed to a pension arrangement outside of the Plan during the tax year and believe you may have exceeded the Annual Allowance
- you have already taken benefits from a Defined Contribution or Money Purchase arrangement and have been issued with a certificate confirming that you are now affected by the Money Purchase Annual Allowance.
If you do receive a pension savings statement, please review it carefully. You will need the information it provides to calculate if you have exceeded the 2021/22 Annual Allowance and if you have a tax charge to pay.
Most people will not have exceeded the Annual Allowance in 2020/21. But if you have, you will need to notify HMRC and pay a tax charge before 31 January 2023, so it is important to check.
We recognise that this is a complex subject, but you can find a full explanation here.