Paying into a personal pension You usually get tax relief on money you pay into a pension. Check with your provider that your pension scheme is registered with HM Revenue and Customs ( HMRC ) – if it’s not registered, you won’t get tax relief.
How do I know if my pension scheme is registered with HMRC?
A Pension Scheme Tax Reference (PSTR) is the unique reference given to a scheme by HMRC when a scheme has been registered for tax relief and exemptions. It has 10 characters made up of 8 numbers followed by 2 letters. A scheme’s PSTR is the one that evidences its status as a registered pension scheme.
How many public service pension schemes are there?
The government is very grateful for the 31 responses it received from private individuals, pension advisers, public service pension schemes / scheme administrators, local government bodies / pension funds, trade unions and other representative organisations and private sector organisations.
Is there a consultation on public service pensions?
The government is today publishing a consultation on how it proposes to ensure it continues to meet these past commitments to public service employees regarding the full indexation of public service pensions, including for any related GMP element for members of public service pension schemes.
Why are there overpayments in public sector pensions?
Overpayments amounting to an estimated £126 million had been made over 30 years. A small number of people had been underpaid. The reason was that Guaranteed Minimum Pension (GMP) entitlement had been incorrectly recorded, with the result that the schemes did not apply correct annual increases.
When do public servants get full pension indexation?
This approach will mean that public service pension schemes will be directed to provide full indexation to those public servants with a GMP reaching State Pension age beyond 5 April 2021.
