Important information:

Phone lines open between 10am - 4pm

Our telephone lines are only open from 10am until 4pm and are extremely busy. Why not instead try our new virtual assistant who can answer many queries, or else email pensions@shropshire.gov.uk Many thanks for your patience.

Pensions Tax Webinar 2023

Publication date: 14/09/2023 12:27:39

Want to find out more about Pensions Tax? Mercers will be running a Pensions Tax Webinar on behalf of the Shropshire County Pension Fund. 

As you may be aware, some members of the Local Government Pension Scheme (LGPS) will benefit as a result of the following:

  • Changes announced by the government in the Spring Budget earlier this year in relation to the Annual Allowance and Lifetime Allowance;
  • Changes to the timing in the way LGPS benefits increase each year due to inflation.

However, there still remains complexity in how pension benefits are taxed and there can still be a material burden on individuals.  This is because despite the changes, certain individuals will still be impacted in 2022/23 and need to declare a tax liability to HMRC.

Shropshire County Pension Fund appreciates these complexities and the need for certain members to take action in the coming months.  We have therefore partnered again with our advisor Mercer to run an educational/information session.

This session will explain these changes and the impact on pension taxation going forwards, and will explore how decisions taken by members may now change.

We hope you will join us on the webinar.  Please note that you must book your place on the webinar in advance - details on how to book are below.

Group Webinar with Q&A Session

  • Tuesday 10th October – 10am to 12pm

  • on Zoom

The webinar will be a forum for individuals to gain a better understanding of the key changes.  The detail will include:

  • Explanation of how pensions tax works
  • Worked examples of how to determine if individuals have exceeded their annual allowance for 2022/2023 and if so how to calculate the tax liability and make a declaration to HMRC
  • Changes emerging in 2023 and how this could impact members going forwards
  • What options individuals should consider when deciding courses of action
  • Where to obtain further information or advice

How to Book

To book your place on the group webinar session, or if you have any queries on the above, please contact us at pensions@shropshire.gov.uk, quoting reference ‘MERCER WEBINAR’.

We very much look forward to seeing you there.  

Follow up ‘Guidance’ Session

Date:  7th,10th, 24th and 27th November   

Time: 45-minute slot to be confirmed at a later date

Following the webinars, for certain individuals needing further support about their own personal circumstances, there will be an opportunity to attend a one-to-one 45 minute guidance session with a Mercer specialist.

Using your personal information, a Mercer specialist will typically go through how you calculate for tax year 2022/2023:

  • If you have an Annual Allowance tax liability
  • If you are subject to the Tapered Annual Allowance
  • If you have unused Annual Allowance in the previous three tax years
  • What Annual Allowance tax charge payment options are

These sessions will be for education only. The Mercer specialist will answer any questions of a generic nature, but no formal advice will be provided. Guidance can also be provided on what options may now be available to you in light of the changes announced in 2023 e.g. use of Additional Voluntary Contribution facilities etc.

Exact details and timings for the one-to-one guidance sessions will be notified to those attending once final numbers are known. However, the dates for these sessions are confirmed as follows:

  • Tuesday 7th November
  • Friday 10th November
  • Friday 24th November
  • Monday 27th November

Individual Financial Advice 2023

Date: To be arranged by you                                 

Time: To be arranged by you

Following the guidance sessions, should you decide that you still require further specialist financial advice regarding your own circumstances, then you can choose to liaise directly with a Mercer specialist.

The advice will be tailored to your personal circumstances and objectives based on a fact-finding process.  You will be asked to complete a comprehensive Confidential Financial Questionnaire (CFQ), which allow Mercer to review the options in light of your own personal pension position, aims and objectives.

Unlike the group webinar and the initial ‘guidance’ sessions, which will be hosted by the Shropshire County Pension Fund, the charges for any formal individual advice sought by individuals will need to be met by the individuals themselves. Further details of the potential charges that could be incurred can be provided on request.

E-mail: pensions@shropshire.gov.uk                              

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pension tax webinar