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Annual allowance and DB pension
GreasyPalms
Posts: 28 Forumite
I’m a member of a DB scheme and get my annual statement of benefits every June. I’m given a figure for the annual allowance used by my accrued benefits but I’m confused because it doesn’t align with the financial year? Do I use the figure provided in June 2018 (which is for the year June-June) as my annual allowance used by the scheme for financial year 2018/2019? Thanks!
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Comments
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The rules changed from the 16/17 tax year. It used to be you used the pension year that ended in the tax year as your pension input period. Now it is the actual tax year that matters so your scheme will have to do a calculation of your actual increase April 18 to April 19GreasyPalms wrote: »I’m a member of a DB scheme and get my annual statement of benefits every June. I’m given a figure for the annual allowance used by my accrued benefits but I’m confused because it doesn’t align with the financial year? Do I use the figure provided in June 2018 (which is for the year June-June) as my annual allowance used by the scheme for financial year 2018/2019? Thanks!0 -
Ok thanks triumph0
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