We’ll send a Pension Savings Statement (PSS) to you if you meet one or more of the following criteria at 5 April 2024:
1. You’ve exceeded the Annual Allowance limit of £60,000 (those with high salaries may be subject to tapered Annual Allowance).
2. You earn over £100,000.
3. You’ve requested one.
Further information and guidance on how to calculate tapered annual allowance can be found on HMRC’s website.
Annual Allowance is the maximum value of the growth in your pension savings each year that can benefit from tax relief.
Annual Allowance applies to your entire pension savings with UK registered pension schemes.
Contributions that you and your employer have paid into any Defined Contribution pension arrangements (for example Civil Service AVC Schemes, the partnership pension account, a stakeholder pension or a personal pension outside the Civil Service pension arrangements) aren’t included on your Civil Service Pension Savings Statement.
If you have benefits in alpha and one of the other pension schemes, you will receive two PSS. If you only have benefits in alpha, you will receive one PSS.
If any of your personal details have changed, please update them via the Pension Portal.
We'll start to send statements from August 2024 and are aiming to complete distribution by 31 August 2024 — ahead of the regulatory deadline of 6 October 2024.
This will enable employers and members to have the maximum time available to plan and organise any necessary activities related to PSS.
PSS are sent by second class post. Please allow up to 6 October for your statement to arrive.
If you haven’t received your statement by 6 October, or need a replacement statement, please contact us at pss@mycsp.co.uk
You must fulfil these responsibilities to comply with HMRC’s pension tax rules.
We cannot complete or assist you with any tax liability calculations. You should contact an independent financial adviser if you're concerned about how tax may affect your pension benefits.
You can calculate if you've a tax charge to pay using the HMRC online calculator.
You'll need your PIA as detailed on your statements, along with information from any other pension arrangements you may have. Please note: the HMRC calculator refers to “pension savings” which means the same as PIA for this purpose.
You can use any unused Annual Allowance from the three years prior to your earliest breach to offset against any taxable amount. You don't need to input the tax years that preceded the three years prior to your earliest breach into the calculator or for 2024/25.
For example, if 2023/24 was your first breach, you'd only need to select that year and the previous three years.
If you've enough carry-forward allowance to cover the breach, there's no further action you need to take.
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You can calculate if you've a tax charge to pay using the HMRC online calculator.
You'll need your PIA as detailed on your statements, along with information from any other pension arrangements you may have. Please note: the HMRC calculator refers to “pension savings” which means the same as PIA for this purpose.
You can use any unused Annual Allowance from the three years prior to your earliest breach to offset against any taxable amount. You don't need to input the tax years that preceded the three years prior to your earliest breach into the calculator or for 2023/24.
For example, if 2022/23 was your first breach, you'd only need to select that year and the previous three years.
If you've enough carry forward allowance to cover the breach, there's no further action you need to take.
Contributions to the Civil Service Additional Voluntary Contribution Scheme (CSAVC) and benefits in the partnership pension scheme aren't included in your Pension Savings Statement.
You'll need to request a statement from Legal and General for these schemes. In order to calculate whether you've a tax charge to pay, your total Pension Input Amount will be required.
Contributions to the Civil Service Additional Voluntary Contribution Scheme (CSAVC) and benefits in the partnership pension scheme aren't included in your Pension Savings Statement.
You'll need to request a statement from Legal and General for these schemes. In order to calculate whether you've a tax charge to pay, your total Pension Input Amount will be required.
The pension figures on your Annual Benefit Statement are an illustration of your benefits using your pensionable earnings (salary including pensionable allowances and bonuses) as at the statement date (31 March 2024).
The pension figures used to calculate your PIA as shown on your PSS are your pensionable earnings (salary including pensionable allowances and bonuses) for the PSS period (6 April 2023 to 5 April 2024) and can be different to those in your Annual Benefit Statement.
The pension figures on your Annual Benefit Statement are an illustration of your benefits using your pensionable earnings (salary including pensionable allowances and bonuses) as at the statement date (31 March 2023).
The pension figures used to calculate your PIA as shown on your PSS are your pensionable earnings (salary including pensionable allowances and bonuses) for the PSS period (6 April 2022 to 5 April 2023) and can be different to those in your Annual Benefit Statement.