30 January 2024

HM Revenue and Customs (HMRC) has published a consultation on the draft changes to The Finance Act 2004 (Registered Pension Schemes and Annual Allowance charge) order 2024.

This draft statutory instrument lays out provisions for pensionable service in specified legacy (closed) and service in a reformed (open) public service pension scheme, to be combined for the purposes of calculating an individual’s pension input amount against their Annual Allowance. This will allow the offset of pension input in a legacy scheme against input in a reformed scheme where they relate to the same employment.

This consultation will be of interest to pension scheme administrators of public service pension schemes. HMRC welcome views on this technical consultation on draft regulations to make changes to how pension input is calculated in a legacy public service pension scheme against the annual allowance.

You can respond to the consultation by emailing [email protected]. This consultation closes at 11:59pm on 26 February 2024.

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