Understanding the Tax Liability on your Pension

February 2021

This guidance contains important information for all members in the Teachers’ Pension Scheme (TPS) or the Local Government Pensions Scheme (LGPS), regardless of age or proximity to retirement.

This information is for the personal use of ASCL members only. Please check your individual circumstances. If you think you may be affected, please access your online Benefit Statements and any secure messages in My Pension Online before contacting ASCL.

For professional taxation or financial advice, you will need to contact a suitably indemnified consultant. ASCL has
Premier Partners and Preferred Suppliers who can provide this service.

This paper looks in more detail at the following:
Section 1 How your pension works
Section 2 Annual Allowance
Section 3 Lifetime Allowance
Section 4 Further information

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