Great news! The pension savings statements for 2023/24 tax year have now been posted.
You will only be issued a pensions savings statement if we believe you may be affected by the Annual Allowance. The Trustee will issue a pensions savings statement if you meet any of the following criteria:
- have a Pension Input Amount above £60,000
- have earnings from Pearson over £170,000
- have informed us that you are subject to the Money Purchase Annual Allowance and have built up benefits in the Plan
- have requested a statement
Please contact the pensions team if you would like a pensions savings statement, or if you have made contributions to the Pearson Pension Plan during 2023/24 and any of the following statements are true:
- you have income from other sources outside Pearson and believe your total income will be above £200,000
- you have contributed to a pension arrangement outside of the Plan during the tax year and believe you may have exceeded the Annual Allowance
- you have already taken benefits from a Defined Contribution or Money Purchase arrangement and have been issued with a certificate confirming that you are now affected by the Money Purchase Annual Allowance.
If you do receive a pension savings statement, please review it carefully. You will need the information it provides to calculate if you have exceeded the 2023/24 Annual Allowance and if you have a tax charge to pay.
Most people will not have exceeded the Annual Allowance in 2023/24. But if you have, you will need to notify HMRC and pay a tax charge before 31 January 2025, so it is important to check.
We recognise that this is a complex subject, but you can find a full explanation here.
