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Home Annual Allowance Scheme Pays Election Form 2017-18 Onwards

Annual Allowance Scheme Pays Election Form 2017-18 Onwards

You should only complete this election if you want the 1995/2008 HSCPS and/or the 2015 HSCPS to pay some or all of your annual allowance charge that relates to the HSCPS.

Annual allowance

The standard annual allowance is currently £60,000. More information about the tapered and alternative annual allowance is in the Pension Savings Statement Guide on our website.

Your annual allowance covers all your pension schemes. You do not have a separate annual allowance for each pension scheme you are a member of.

If you exceed your available annual allowance in more than one tax year a separate SPE2 must be completed for each tax year.

Scheme pays facility

We have two scheme pays facilities; mandatory scheme pays and voluntary scheme pays.

Mandatory scheme pays - this is only available if your pension input amount, in either the 1995/2008 HSCPS or the 2015 HSCPS is more than the standard annual allowance.

Voluntary scheme pays facility – this is available if you are a member of both the 1995/2008 HSC Pension Scheme and the 2015 HSCPS and your pension input amounts in both HSC schemes, when added together, is more than your available annual allowance.

Voluntary scheme pays facility is available from 2017/18 onwards if you have an annual allowance charge as a result of having an available annual allowance lower than the standard annual allowance. Also, from 2017/18 you no longer have to have an annual allowance charge of more than £2,000.

You can now ask us to pay up to 100% of your annual allowance charge that relates to your HSC benefits as long as we receive your election before the deadline.

We will notify you what we will pay and whether it will be paid by mandatory or voluntary scheme pays, or both facilities.

Members of both the 1995/2008 HSC Pension Scheme and the 2015 HSC Pension Scheme who want both HSC schemes to pay the annual allowance charge need to complete both Election 1 and Election 2.

You need to tell us how much of the annual allowance charge you want each HSC scheme to pay. Because these are separate elections you need to complete Election 1 and Election 2 before the deadline. It is not possible to elect for one HSC Pension Scheme to pay all your charge.

More information about the maximum amount of scheme pays we will pay from each HSC scheme can be found in the Scheme Pays Election Guide.

Part A - Personal Details

Name(Required)

Prefix First Last

National Insurance Number(Required)

Address(Required)

Address Line 1 Address Line 2 City Post Code Country

Email Address:(Required)

Contact Number:(Required)

Part B - Election

Relevant tax year - to be completed in all elections(Required)

What is the relevant tax year in which the annual allowance charge occurred.

Election 1: 1995/2008 HSC Pension Scheme - Annual Allowance charge details

Is this a change to a previous 1995/2008 HSC Pension Scheme election for the relevant tax year?

Yes

No

The total amount of annual allowance charge you want the 1995/2008 HSC Pension Scheme to pay to HMRC:

Is this an estimate of your 1995/2008 HSC Pension Scheme annual allowance charge?

Yes

No

Election 2: 2015 HSC Pension Scheme - Annual Allowance charge details.

Is this a change to a previous election for this tax year?

Yes

No

The total amount of annual allowance charge you want the 2015 HSC Pension Scheme to pay to HMRC:

Is this an estimate of your 2015 HSC Pension Scheme annual allowance?

Yes

No

Additional Information - to be completed in all elections

If you have reduced annual allowance in this tax year, let us know by ticking one or both boxes

Tapered

Alternative

If you have a tapered annual allowance - let us know how much it is. You should estimate it if you have estimated your annual allowance charge.

Your marginal rate of tax in the relevant tax year - tell us your maximum rate.

HSC Pensions must receive your completed Election 1 and/or Election 2 before 31 July of the next tax year – see Scheme Pays Election Guide for deadlines – or an earlier date if you have an anticipated event in Part C.

Part C: Anticipated events

Before the 31st of July deadline expires, do you expect to Retire from the HSCPS?

Yes

No

Enter the date of your intended retirement:

DD slash MM slash YYYY

Which HSC scheme(s) are you retiring from?

1995/2008

2015

Before the 31st July deadline expires, do you expect to reach age 75 without taking all your HSC benefits?

Yes

No

Please enter the date of your 75th birthday:

DD slash MM slash YYYY

If you have ticked 'YES' to one of the above, we must receive your election before the earlier date above.

Part D: Member Declaration

Declaration

I confirm

I want the HSC Pension Scheme(s) to pay my annual allowance charge, as stated in Part B.

I confirm that:

• the charge has been calculated at the relevant rate as described in section 237B(4) of the Finance Act 2004, meaning at the same marginal tax rate as my taxable income;
• if I estimate the charge and available annual allowance I will notify you of my confirmed amount within 4 years of the 31 July deadline;
• I have read the Scheme Pays Election Guide that accompanies the SPE2.

I understand that:

• this election cannot be revoked;
• interest is added onto the charge up to the date my HSCPS benefits are paid, either as a pension or a transfer value;
• any future HSCPS benefits will be permanently reduced to take account of the charge plus any interest;
• HSC Pension Service will determine if any part of the charge is to be paid by voluntary scheme pays and notify me accordingly;
• I remain solely liable for any part of the charge paid by voluntary scheme pays and any interest that HMRC may ask me to pay if it is paid later than 31 January, of the next year;
• my estate is liable for the charge if I die before the charge is paid;
• if I have insufficient HSCPS benefits to recover the charge paid you reserve the right to request a discharge from paying the charge from HMRC and I will remain liable for the charge.

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