Important information – Scheme Pays deadline

For the tax year 2014/15 your Scheme Pays Election must be received by HSC Pension Service no later than 31 July 2016.

HMRC require that elections for Scheme Pays for tax year 2014/15 have to be received by the scheme by the deadline of 31 July 2016. Where the member does not know the exact amount of Annual Allowance charge because they have not received a Pension Saving Statement they must estimate their liability and submit an SPE2 with the estimate box ticked. Members must not delay their Scheme Pays Election to await confirmation of their Annual Allowance tax charge.

When all the information is available a revised Scheme Pays Election must be submitted to confirm the exact amount of Annual Allowance charge to be paid to HMRC.