The deadline for 2023/24 Heritage pension claims is approaching
If funds are coming from an external source and we have received all outstanding information from you before our cut off times along with the funds by 3 April 2024, we will ensure they are paid by 5 April 2024.
As long as all outstanding information has been received, our cut off dates are:
Yes you can provided you have been a member of a registered pension scheme at some point within the tax year 2023/24.
You can receive tax relief on pension contributions up to the greater of:
However, where your total contributions exceed your available annual allowance, you will incur a separate tax charge.
The annual allowance is £60,000.00 per year (from 6 April 2023), with the ability to carry forward any unused annual allowance from the previous 3 years. Please note the annual allowance for all previous tax years is £40,000.00.
Please be aware if you have previously flexibly accessed a money purchase pension scheme (for instance, taken a taxable lump sum), you will have triggered the money purchase annual allowance which reduces your limit to £10,000 per year.
If this is your first time taking a taxable lump sum or income from your plan you’ll be placed on an emergency tax code of 1257L Week 1/Month 1.
If you’ve taken a taxable lump sum/income before we’ll have to use the tax code HMRC have issued to us. It’s worth noting tax codes can change at any time. Should HMRC inform us of a new tax code while processing your request, we’ll have to use the new code provided for your payment.
You can do this by completing the appropriate form with HMRC. We’ll provide you with a leaflet on how to reclaim any overpaid tax once we’ve made payment to you.
P60s are issued in May. If you’ve not received yours by June please contact us.
No, you’ll receive your payment by close of business on 8 April.
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