Pension savings statements and annual allowance charges for 2016/17

Pension scheme administrators are currently in the process of issuing pension savings statements for tax year 2016/17 to all scheme members who have had pension contributions/accrual of over the £40,000 annual allowance or the £10,000 money purchase annual allowance to their pension scheme.

The issue of these statements is a legislative requirement. A pension savings statement for 2016/17 should be given to the individual by 6th October 2017. The statement only relates to that particular scheme therefore if the individual hasn't exceeded their annual allowance in one particular pension arrangement but their combined contributions across more than one pension plan are in excess of their AA they won't receive a pension savings statement.

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