Teachers’ Pensions receive data every year from employers, which they use to calculate whether members face a tax charge under Annual Allowance (AA). Members who have exceeded the AA can elect for the Teachers’ Pensions Scheme (TPS) to pay the tax charge on their behalf by completing a Scheme Pays Notice. This must be received no later than the 31st of July 2014.
To check whether you qualify, you can read the Annual and Lifetime Allowance FAQ’s on the Teachers’ Pensions website.
The 31st of July deadline is statutory and set by the HMRC. If you miss this deadline, you will need to pay the tax charge direct to HMRC. Interest may also be applied to the charge.
For more information, contact Teachers’ Pensions on 0845 606 6166.
The content in this article was correct on 01/04/2014. You should not rely on this article to make important financial decisions. Please use the contact form below to arrange an informal chat with an adviser and see how we can help you.