Teachers: Workplace Pensions
The question
To ask the Chancellor of the Exchequer, if she will take steps to issue guidance to people with a Teachers' Pension on the application of tax for (a) under and (b) over payments in the context of benefit rollback choices for the transitional protection remedy period.
Answered by James Murray
HMRC has published comprehensive guidance on managing the tax implications of the public service pensions remedy, both for impacted pension scheme members and for schemes administrators. This guidance covers the position for under and overpayments of tax following the remedy rollback and is available on GOV.UK.
Members can also use the “Calculate your public service pension scheme adjustment” digital service to simplify the process of calculating whether they owe further tax or may be due a refund.
HMRC have also issued guidance and updates directly to scheme administrators via pension scheme newsletters to support schemes with drafting their own internal member communications.
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