Your pension savings statement contains information about your Plan benefits to help you work out if you have exceeded the 2020/21 Annual Allowance.
It also contains information you will need to complete your Self Assessment tax return if you have exceeded the Annual Allowance. The terms used in your pension savings statement are explained below:
- Pension Scheme Tax Reference: the reference number you will need to use when completing your Self Assessment tax return.
- Pension Input Period: the tax year over which we have measured the growth of your pension in the Plan.
- Annual Allowance: the amount your pension can grow without incurring an Annual Allowance tax charge in the year. You need to calculate your individual Annual Allowance which will depend on your Adjusted Income.
- Pension Input Amount: Either the increase in the value of your defined benefit pensions savings or the total contributions paid by you, or on your behalf, into a defined contribution arrangement.
- Pension Input Amounts and Annual Allowances for previous years: if you have not used all your available Annual Allowance in the previous three tax years, you can use Carry Forward to offset any saving that has exceeded the Annual Allowance in the 2020/21 tax year.
If you have other pension arrangements, you will need to contact the administrators of those arrangements for Pension Input Amount details as it is the total Pension Input Amount from all pension arrangements which is used to determine whether you have exceeded the Annual Allowance.