Published
5th October 2023
Pension Savings Statements for the 2022/23 tax year have been issued to all affected members in Highland Pension Fund.
Pension savings statements are issued to all members who have exceeded the Annual Allowance limit.
The Annual Allowance limit for the 2022/23 tax year is £40,000. This is the maximum amount of growth in your pension savings that can benefit from tax relief each year. Annual Allowance applies to all your pension savings across all UK registered pension schemes.
The figures shown on your statement do not include any additional pension savings that you may hold elsewhere. So, if you do have pension savings in other schemes, you will need to add the growth from all your savings together to determine if you have exceeded the annual allowance limit.
We will send you a Pension Savings Statement (PSS) if:
You can find more information about annual allowance in our annual allowance factsheet.
Highland Pension Fund are unable to offer tax advice as we are not regulated to do so. We will only be able to help if you have a query about the pay information used to calculate your annual allowance, if you have not received a pension savings statement and you wish to request one, or if you would like information about 'scheme pays'.
There are lots of free resources available to help you.
You can visit our national website at www.scotlgpsmember.org where you will find:
More information about pension tax and your annual allowance can be found on the Government’s website at: www.gov.uk/tax-on-your-private-pension/annualallowance
Tapered Annual Allowance If your income exceeds £110,000 you may be subject to the Tapered Annual Allowance. To work out if this applies to you, please visit: www.gov.uk/guidance/pension-schemes-work-out-your-tapered-annual-allowance.
