Pension Savings Statement

Telling HMRC that you have
exceeded your Annual Allowance

Knole Park, Kent

You will need to tell HMRC that you have exceeded your Annual Allowance. You do this via a Self Assessment tax return.

If you do not currently complete a Self Assessment tax return, you can register to do so here.

You will need to register for Self Assessment no later than 5 October 2021.

You submit your Self Assessment return by completing an online form. You can access the form here. You can still complete a paper form if preferred.

You will need to input the following information:

  • how much of your total pension savings during 2020/21 exceeds your Annual Allowance (after Carry Forward); and
  • if you are using Scheme Pays, the Annual Allowance tax charge the Trustee will pay on your behalf along with the Plan’s pension scheme tax reference number.

You will find the Plan’s pension scheme tax reference number on your pension savings statement.

You can see an example Self Assessment return, completed in respect of someone who is using Scheme Pays below.

Example of the online Self Assessment return

  1. Jordan had an excess above the Annual Allowance of £7,268, so she enters £7,268 in box 1.
  2. Jordan intends to pay her Annual Allowance tax charge of £3,219 by Scheme Pays, so she enters £3,219 in box 2.
  3. Jordan is using Scheme Pays, so she enters the Pension Scheme Tax Reference for the Plan (00281436RK) in box 3.


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