28 September 2016
The Teachers’ Pensions Agency will soon be sending out letters to members who have breached the Annual Allowance for the tax year 15/16.
It would be a rare occurrence for someone to have used up their allowance in this year as two allowances were permitted, one from April to July and the other from July to April. This was introduced to align the Teachers’ Pension year with the tax year. Going forward, the allowance will revert back to the normal £40,000. Even if you have exceeded the allowance for 2015-16, you still may not owe any tax.
If you do receive a letter from the Teachers’ Pensions Agency and are not sure what to do, then contact the ASCL hotline on 0116 299 1122 as soon as possible - don’t leave it in the drawer thinking it will go away!