Remedy Scheme Pays
Using Scheme Pays to handle any tax charge relating to the Pension Input Periods covered in your Remedy Pension Savings Statement (Remedy PSS)
Using Scheme Pays to handle any tax charge relating to the Pension Input Periods covered in your Remedy Pension Savings Statement (Remedy PSS)
If you exceed the Annual Allowance in any year and a tax charge is due, you can ask us to pay the charge on your behalf in exchange for a reduction in your benefits. This is called Scheme Pays (SP).Â
If you have identified a change in tax liability for any of the Pension Input Periods within the Remedy period, you may want or need to use the Scheme Pays method to handle any additional charge(s) you may need to pay or, in the case of an overcharge, a reimbursement.
You could also use Scheme Pays to pay any Annual Allowance Tax in the 2022/2023 tax year.
We will share further information with you here about how to use Scheme Pays in relation to the years covered in your Remedy PSS once the HMRC Public Service Pension Adjustment Calculator becomes available for you to check and report any tax liability. This is expected to be in September 2024.