Remedy Pension Savings Statement (Remedy PSS)
The Remedy PSS is a one-off statement for members affected by the 2015 Remedy (McCloud).
The Remedy PSS is a one-off statement for members affected by the 2015 Remedy (McCloud).
We will send a Remedy Pension Savings Statement (Remedy PSS) to you by 6 October 2024, if you are affected by the 2015 Remedy and meet one or more of the following criteria in any year during the 2015 to 2022 Remedy period or the 2022/2023 tax year:
Your Remedy PSS provides important information about the growth of the defined benefit part of Civil Service Pensions in relation to:
While you may have received one or more PSS for some or all these years previously, it is likely that your past pension input figures have now changed due to being rolled back into your Legacy scheme for the Remedy period.
It’s essential that you review the information in your Remedy PSS to determine if you've exceeded the Annual Allowance for these periods or a past Annual Allowance charge needs to be amended.
Please note that the format of your Remedy PSS, and what you need to do, is different from what you may be familiar with as it provides pension input figures for your personal Tax Assessment for multiple years.
If you are due to receive a 2023/2024 Pensions Savings Statement (PSS) this will be sent to you after you receive your Remedy PSS and also by 6 October 2024, and will require you to take different action from what we have detailed here.
This video will guide you through the information shown on your statement, and the action you will need to take to fulfil any tax obligations you may have.
This short guide explains what you need to know and do.
To work out if you have a change in tax liability in the Remedy period and/or a tax charge for the 2022/2023 tax year, you will need to use the Pension Input Amount (PIA) information we’ve provided in your Remedy Pension Savings Statement (Remedy PSS) along with HMRC’s Public Service Pension Adjustment Calculator.
If you have exceeded your Annual Allowance for any of the years covered (having factored in any unused Allowance from preceding years as well as any other Public Service Pensions you may also have), or need to change a past Annual Allowance charge, you must use the HMRC Public Service Pension Adjustment Calculator to submit your PIAs to HMRC. You should not report the information for the periods provided in your Remedy PSS through Self Assessment.
The deadline for making any submissions to HMRC for the period covered by your Remedy PSS is 31 January 2025 for most members. Where members were pensioners or deceased on 1 October 2023, this deadline is extended to 31 January 2027.
You should follow HMRC guidelines for paying any tax due once HMRC or the scheme has contacted you. You can choose to pay either directly to HMRC using their self-service facility, or by using Scheme Pays.
If, in any of the years in the Remedy period you previously paid an Annual Allowance Tax Charge, your tax liability has reduced, HMRC will assess the data you’ve submitted and provide information to the scheme regarding any compensation due.
If you previously made a Scheme Pays election in any year you are due reimbursement, the past Scheme Pays election(s) will be reduced by the amount overpaid. You will receive further information about Scheme Pays and any action you may need to take when you are contacted by either HMRC or the scheme to confirm charges due for reimbursement.
You do not need to take any further action if you have not exceeded your Annual Allowance in the 2022/2023 tax year and, if in the Remedy period, you:
You should keep your Remedy PSS in a safe place for your records.
The Pension Portal is a convenient and quick way to manage your pension. Inside your secure Pension Portal account, you can view and print copies of your P60 and payslips, look up the yearly Pensions Increase and update your personal details.
Registering for your account is easy, just follow our step by step guide or watch the video
Our records show that you are impacted by 2015 Remedy (2015 Remedy (McCloud) - Civil Service Pension Scheme).
As a result, your benefits were ‘rolled back’ (reverted) into your Legacy scheme (classic, classic plus, premium or nuvos) for the Remedy period (1 April 2015 – 31 March 2022) and your Pension Input Amounts (PIAs) have been recalculated during that period. They have also been calculated for 2022/2023.
Schemes are required to provide members with Pension Input Amounts (PIAs), which show the increase or growth in the value of benefits over a set period.
Your revised PIA(s) have been recalculated based on Legacy service up to 31/03/2022 and alpha service from 01/04/2022.
No, your PIA will only be recalculated once. At retirement you will be given two options in respect of your Remedy service, and we will calculate your PIA for the year of your retirement based on which option calculates the lower PIA, irrespective of the option you take. If you chose the Legacy scheme, your PIA would remain unchanged.
All members need to calculate whether a charge is due, and whether any past charges have changed. You can do this using the HMRC Public Service Pension Adjustment calculator.
If there is a tax charge to pay, you must also use this tool to report it by submitting your information. If there is no charge to pay and you have not previously paid an Annual Allowance charge, there is no further action to be taken.
Yes, you can still retire before you have acted regarding any outstanding tax charges. You can still use Scheme Pays after you have retired, for any additional tax charge, and any necessary adjustments to your pension can be made after you have applied for this.
Previous PSSs were issued based on the data held at the time. You may have queried some of the data that caused you to breach previously, and this has now been corrected. Our records do, however, still show that you received a PSS during the Remedy period.
If you did not have a tax charge previously and this remains the case, there is no action to be taken.
These will be offset against any new tax charge. If you no longer have a charge, you could be due compensation and the HMRC will inform you if this is the case.
Out of scope years (now called Compensation Period) - 2015-2016, 2016-2017, 2017-2018, 2018-2019
In scope years (now called Tax Administration Framework) - 2019-2020, 2020-2021, 2021-2022
Once you have entered your Pension Input Amounts (PIAs) using the HMRC Pension Adjustment Service calculator, it will show you if there are any tax charges relating to the period. If there are, you must ensure that you submit your inputs to report this to HMRC.
You should then follow HMRC guidelines for paying any tax due.
You can pay your Annual Allowance Tax Charge (AATC) by cash directly to HMRC or you can elect to use Scheme Pays.
You could have overpaid a tax charge if you previously paid an Annual Allowance Tax Charge in the Remedy period and, in the same year:
If you’ve worked out you have overpaid tax charges in the Remedy period, you should submit your inputs into the Public Service Pension Adjustment Calculator to report it to HMRC.
HMRC will assess your pension inputs and provide information to the scheme regarding any compensation due.
There are many scenarios, and some will require further data to be provided from the ceding scheme, in particular where the transfer included new scheme remediable service from the ceding scheme (we will use data based on Legacy only in the Remedy period).
If we have all the data we need, then we will treat any remediable service in Civil Service Pension Scheme (CSPS) as Legacy and any transferred in remediable service as Legacy for PIA purposes. However, if there are elements in the transfer relating to Member Voluntary Contributions (MVCs) (e.g., added pension) then these will have to adopt the same treatment as alpha added pension, i.e., the value remains there for PIA purposes.
These relate specifically to transfers in and added pension. The rights from these remain in alpha (and count in the years following) until the point of conversion which will take place in the future, at a date which is yet to be determined.
Once my added pension/transfer in etc has been converted to PCSPS will my PIA need recalculating again?
No, but the converted benefits will count in subsequent PIAs as Legacy.
If no, what if it would have reduced my tax charge as PIA is now lower once converted?
It wouldn’t have, as the conversion is not retrospective.
If I have data changes that cause previous PIA to be recalculated after the conversion, what basis will my PIA be re-calculated on?
Your revised Remedy PIA was based on the data held at the time and the latest PIA supersedes this.
If you are due to receive a Pensions Savings Statement for the 2023/2024 tax year, this will be sent to you separately, after your Remedy Pension Savings Statement (Remedy PSS) has been issued and by 6 October 2024.
What you will need to do in relation to your 2023/2024 PSS is different to your Remedy PSS, and you can find out more about this by visiting the 2023/2024 Pensions Savings Statement page.
The information and support we have made available via the Remedy PSS webpages, along with guidance that HMRC provides as part of its Public Service Pension Adjustment Service, will help members assess their tax position for the period covered by the Remedy PSS.
Where you have a change to a past tax change or a tax charge to pay for the first time in relation to the Remedy period and/or 2023/2023 tax year, you may be able to apply for compensation up to a maximum of £500 (upon supply of receipts/invoice).
Further information about how to claim will be shared here soon.
You may notice that some years prior to 2015 have Pension Input Periods (PIPs) are based on the calendar year and that for 2015/16 there are figures for two Pension Input Amounts (PIAs) listed for two PIPs. This is because HMRC changed Pension Input Periods to match the tax year (6 April to 5 April) from 6 April 2016 onwards. Prior to this change, Pension Input Periods counted toward the tax year in which they ended. For example, the Pension Input Period running from 1 January 2013 - 31 December 2013 ended in tax year 2013/14 and so counts toward that tax year.
When you come to use the HMRC calculator, you don’t need to worry about what time period the Pension Input Period was, the left hand ‘Year’ column corresponds with the fields you’ll be asked to input the figures in that row into the calculator . For the 2015/2016 year, you’ll notice figures for two Pension Input Periods and you’ll find that the HMRC calculator has two corresponding fields to enable you to input both Pension Input Amount figures provided.
There has been a delay in issuing a small number of statements due to additional complexities.
We are working hard to rectify the situation and provide a Remedy PSS as soon as possible. We apologise for any inconvenience this may cause.
We will write to members who are affected by any delay in October 2024. The deadline for members to use the HMRC calculator and, if necessary, upload their information, is 31st January 2025. If you receive your RPSS on or after 1st November 2024, the deadline will be extended to three months after the issue date of your RPSS (shown on the top left of the covering letter sent with the statement).