Published
5th October 2023
What to do if you have recently received a Pension Savings Statement (PSS) from Essex Pension Fund.
HMRC sets limits on how much you can save tax efficiently through pensions each year, and this is known as the Annual Allowance (AA). If you exceed the standard AA limit Essex Pension Fund will send you a PSS which includes the information that you will need in order to determine whether you have a tax charge.
All affected scheme members will receive a PSS by Friday 6 October 2023.
To help those individuals who have received a PSS we have created an 'Annual Allowance (AA) Guide for LGPS Members' to explain why you have received a PSS and what you need to do next, and we have also created a series of bite-size videos on annual allowance which take you step by step through what annual allowance is, how pension growth is calculated in the LGPS, why you have received a PSS and what you need to do next.
The videos are on our YouTube channel (www.youtube.com/@essexpensionfund) and I have added links to each of the videos below. You can either watch the whole series or just pick the ones that relate to what you want to know.
Video 1 – An introduction to this series of videos
Video 2 – What is Annual Allowance?
Video 3 – A detailed look at the LGPS pension savings calculation
Video 4 – Why have I been sent a pension savings statement?
Video 5 – I have a pension savings charge, what should I do next?
If you have further questions after you have read the the guide or watched the videos, please contact pensions.technical@essex.gov.uk and we will be happy to assist you.
In this video we provide an overview of the series of bite-size videos that Essex Pension Fund has produced to help you better understand Annual Allowance. You can watch the videos in order, or can pick and choose which of the videos relate to what you need to know.
