Yes, they are completely separate from the TPS.

If you trust them to make the choice for you. I believe that the % figures shown at the bottom of each of the option will be the ones used to decide which they will pick for you.

Correct. Abatement ONLY applies to those taking their final salary pensions after reaching the normal age for that scheme. (Phased retirement also isn't affected even if you didn't start it until after reaching the normal retirement age)

You can apply for any period from 1 April 2015 to 31 March 2022 if you would have looked to buy AP at that time and had been moved into the CA scheme. From 1 April 2015 to 20 January 2016 you would be considered to be the same age.

yes, to take the pension "early" you must have a day out of employment and have applied for your pension to start on the day between contracts.

No, because you will have paid back the lump sum. Tax is taken into account in determining how much back pension is used to offset any difference in the lump sum.

@@dfountain Ok, many thanks for replying.

Very good point.

The carry forward principle does not "move" the unused allowance into a subsequent year. If 3 years ago had £20k of unused allowance then it doesn't pull in any unused amounts from the previous 3 years. If the 4th year back had £10k of unused then the 3rd year doesn't get that to add to the £20k of its own...it is just the £20k www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm055100#usedup

Once you have made a copy you can open the "hidden" sheets. To the left of the tab label is the control to do that. Or using the "View" menu.

1) Yes, you need this video for that and this sheet: docs.google.com/spreadsheets/d/10p_NpAHEykYCueN0u5JA4yl6M7DaCwAftyazhQkD4p4/edit?usp=sharing kzbin.info/www/bejne/gGTWi3uEm9FjbrM kzbin.info/www/bejne/r6vRh4mapp6Xm7c 2) No, a couple of reasons. Firstly, the 'ignorance is no excuse' fundamental in the law. By making it YOUR responsibility to inform HMRC about your tax liabilities they remove any defence you might have along the lines of "HMRC didn't tell me I owed them so I don't have to pay". Secondly, whilst they know, via PAYE, that you were paying into the pension scheme the valuation process for our type of scheme, a defined "benefit" scheme, is not as simple as just adding up that amount you paid. The calculation takes into account you are buying a pension with your payments and it is the value of the pension you are buying that determines the value of what you have paid. The calculation involves comparing the value of the pension at the end of the year against what it was at the start (adding an inflation modification) and multiplying the difference by 16 and adding on the lump sum. As our scheme can gain, or lose, large amounts in line with changes in salaries, including using salaries going back 10 years, this is not something HMRC have the resources to monitor...it is far easier to tell the pension schemes to tell YOU if they think you have got close to or broken the allowance limit each year and then put the responsibility on informing HMRC on you. 3) As you are in phased retirement I suspect you may be one of the last to receive your RSS since there are going to be significant difficulties in giving you an assessment of what each option might entail. You should, I think, be getting an "immediate choice" version of the RSS related to the phased pension you have taken. The issue I foresee being a problem here is that whatever choice you make for the phased part will have to apply going forward to the parts of the pension you didn't take at that time.

@@dfountain Thanks for the reply and thank you for the links - I’ll look at these carefully. Regarding my point 3 (Should I expect to receive this Remediable Pension Savings Statement annually, or is this a one-off?), am I right in thinking this is a one-off task related to the transition period? If this potential underpayment of tax is caused only by the transition period, and so is not something that will occur in future years whenever there is a high inflation rate, why are we concerned about overpayment in the 2022-23 year (outside the remedy period) and not just the transition years of 2015-22? By the way, are the terms ‘transition’, ‘remedial’, and ‘remedy’ period all essentially referring to the same thing, ie what happens concerning the period from 1 April 2015 to 31 March 2022? Thanks once again for your help. Quite frankly, I am only able to get some kind of handle on this because of your videos.

@@MS-yy2dh There is only one rPSS (remediable pension savings statement) as it covers the entire period back to 2011. You will only get a normal PSS in the future if you exceed the annual allowance in this scheme or you ask for one. The way inflation is accounted for can cause peaks and troughs. In times of rising inflation (2022/23 we went from 3.1% to 10.1%) the amount of AA used by the TP peaked (quite substantially in many cases). In times of falling inflation (2023/24 we went from 10.1% to 6.5%) the amount of AA fell, and in some cases dropped below £0. Whilst 2022/23 is outside the remedy period the calculation uses the value of the pension at the start of they financial year (2022's statement whose value was changed by the rollback process) and the end of the financial year (2023's statement). The excess many had in 2022/23 would have required the issuing of a "normal" PSS but it is also relevant to the remedy period because the excess in this year can be offset by carrying forward unused excesses from the previous 3 tax years - all of which had their figures altered by the rollback.

No, you should not have a separate letter/document because you are what is termed an "immediate choice" member. As you are already in receipt of your pension any decision you take comes into immediate effect. The rollback choices are for those who have yet to take their pensions.

Yes, I update it regularly - the reduction factors were improved last year, but I also now "hide" the conversion sheets...you can unhide them once you have your own copy.

kzbin.info/www/bejne/pZ6zhomDnd6DeM0 and kzbin.info/www/bejne/f3u9gK2eoZh5fpo I think these are the ones I referred to.

@@dfountain Thanks!

The ones I have seen so far have come from fully protected members who were fully on the FS scheme until they left, or tapered members who left before they were moved. I have yet to see one from a tapered member where they did continue working after that were moved from FS to CA and where both options are different from what they were given at the point of retirement.

@ thanks I left term after cut off point and tapered

@@richardalvien346 As you have a mixture of CA and FS then I suspect you will be one of the last to get an RSS given that set of calculations have the potential to be amongst the most troublesome.

@@dfountain lucky me😞

Hi Dave, is it still April 2025 that is date TP are supposed to have completed these- or is this just pie in the sky?

In essence, you are working "for free" and have been for 3 years. Without seeing your exact figures and career profile it isn't possible to be certain, but as a general idea let me put some rough figures together. You have 32 years...30 of those will be in the final salary scheme that you could have taken at 60. Let's assume your salary is £48,000 and that is the same as your average salary. Your NPA60 pension is therefore 30/80ths of £48,000 which is £18,000. If you were to take this pension whilst still earning £48,000 then it is likely to be abated...that is not pay out anything due to the rules that limit how much it adds to your salary. However, if you took a pay cut of £18,000 then the pension WOULD pay out £18,000. The normal way to take such a pay cut would be to work part-time and in this example you would still be paid £48k, just it would be £30k from the salary and £18k from the pension...hence why I say you could be "working for free". Now, with this video, an alternative is to cut your salary by 20% (£9,600 in the example above) in order to take 75% of the pension (£13,500). £48,000 - £9,600 + £13,500 = £51,900. Which puts this example in the bizarre situation that you could end up getting £3,900 more if you were to work 1 less day a week.

The figures include interest, so this amount will be adjusted to the date you make your choice. If you are owed monthly payments because the option would have paid a greater annual pension then that would be added to what has to be paid to you.

It’s my understanding it will appear on your mpo account

The ones I have seen have been sent via the MPO website

@@dfountain Thanks Dave, I have been wondering about the delivery of the RSS; thank you again for the indepth analysis.

No, you cannot "pick" the day if you are applying whilst still employed...in this case it is what is called a retirement from "active" employment and you MUST take the pension on the day after your employment ends. The compensation for doing this is that the career average pension suffers around a 2-3% better reduction factor. Only those who are applying after already having left, termed a "deferred" application, can choose the date they want the pension to start.

@@dfountain thank-you. So if I have this right - I have to apply with 6 months to go for end of August retirement, but when I leave at end of August, I could apply then and select an October date (if it's 6 weeks away (which it would be)? Is it worth doing this?

Yes, chances are that you have not exceeded the allowance in 2015/16/17 and therefore don't need the earlier years as you wouldn't be carrying them forward to where you do need them

My reading is that you will get a refund, or positive adjustment to your "scheme pays" election if the AA is less than it was previously but that if it increases in the years up to 2019 nothing will change...though if you were carrying forward from 2017-2019 into the 2020 year and beyond it could still have an impact. www.gov.uk/guidance/changes-in-annual-allowance-as-a-result-of-the-public-service-pensions-remedy#annual-allowance-charges-made-through-scheme-pays

Point 7 on the letter says this: You’ll need the following PSTR numbers: The Teachers’ Pension Scheme (2010) final salary section is 00328821RM, the Teachers’ Pension Scheme (2015) career average section is 00810719RB.

This is an excellent video. Thank you. I was not sure which PSTR code to use on the HMRC website. I used the 2015 one but have no idea if that was correct or what the impact would have been if I used the 2010 one.

@@user-mp9bj2zk5j The new rPSS are based on the service being rolled back into the final salary scheme, so for all of the years up to 2021/22 the code is The Teachers’ Pension Scheme (2010) final salary section is 00328821RM

Thank you. I will need revisit this, if it’s possible, and change the code for those relevant years and see if it changes the outcome (which had been ‘no tax charge’).

It did allow for editing, thankfully. It did not change the outcome but at least I know I used the right PSTR codes for the corresponding years. Thank you very much.

Good question but I don't think so. The written off aspect of this relates to where the increase to the amount of allowance used has resulted from the rollback process and not from retrospective purchase of more pension. Also, bear in mind that increasing the pension in 2015 will have a follow through impact on subsequent years as you have a larger pension and therefore, where inflation is greater at the end of the year than the start, could lead to increases in the allowance used. For example, the biggest problem in this regard is in 2022/23 where you have a revaluation of the pension at the end of the year of 10.1% but the previous year was just 3.1%. If you purchase £6,000 in 2015 then in 2022 that would have been worth £7,200 but in 2023 inflation raises it to roughly £8,000. This increase of £800 goes through the AA calculation and would increase the amount of AA used in 2022/23 by about £9,200.

Mine was in the online message account

I have updated the sheet, try this one: docs.google.com/spreadsheets/d/10p_NpAHEykYCueN0u5JA4yl6M7DaCwAftyazhQkD4p4/edit?usp=sharing

Yes, I include this in the calculator. The way that inflation is dealt with did lead to a spike in the 2022/23 year as the increase was based on the 10.1% inflation for that year but the input adjustment comes from the previous year's 3.1% figure. This does mean that the following year 2023/24 a much lower allowance than might be expected is created, but not much use if you have had to pay the tax charge for 2022/23 as you cannot carry "back" only "forwards"

docs.google.com/spreadsheets/d/10p_NpAHEykYCueN0u5JA4yl6M7DaCwAftyazhQkD4p4/edit?usp=sharing

It is but the remediable service period covers 2015 to 2022 when it was different. The current and last year are £60k but many won't have those included on their remediable pension savings statements as they wouldn't have been altered by the rollback process.

The spreadsheet won't need updating as it tells you how much of the annual allowance has been used. The videos have to be replaced rather than "updated" so it isn't a quick fix but I will think about that at some point, thank you.

@@dfountain Ok Thank you. I've downloaded the spreadsheet. it looks like you probably need to copy each tab for each financial year if you want to keep a record of individual years. I couldn't work out why it was remembering previous year's when I changed the year ending. Is that how you are supposed to use it?

@@waynehitchcock1694 Yes, it deals with one year at a time. This sheet might be worth looking at as well - docs.google.com/spreadsheets/d/10p_NpAHEykYCueN0u5JA4yl6M7DaCwAftyazhQkD4p4/edit?usp=sharing

@@dfountain Thanks - timely. I had to go looking for my Remedial Pension Savings Statement on the TP website (must have gone into junk). Turns out I do also have a large figure in 22-23 but looks like I can offset with previous years allowances. The 22-23 year which seems to be high for many people has a CPI of 3.1% (I got this figure from your AA calculator table.) I've used the AA calculator for the 23-24 year and this figure is much lower than the total pension input amount for 22-23 despite the CPI for 23-24 being 10%. Masks me wonder if I'm missing something? I expected the AA used for 23-24 to be higher given the inflation. What am I missing? Thanks.

@@waynehitchcock1694 Yes, 2022/23 was an exceptionally high year because of the way inflation is added and accounted for. In the normal process inflation from one year to the next is fairly consistent, that however was not the case in 2021 to 2023 where the pension in April 2023 was increased by 10.1% but the amount taken into account for the previous year's starting point was 3.1%...over 3 times that amount being added. For many this has indeed caused them to exceed the AA for 2022/23...it has the opposite impact in the following 2023/24 tax year where it will have depressed the amount of AA, some even going into negative territory.

Yes they should. In the 90s pension miss-selling was a problem and companies advising those with DB schemes to transfer to a DC scheme were put under greater regulation to ensure they made it clear what was involved in making such a transfer. At some point the scheme regulations also changed to prevent the transfer of a teacher's pension of more than 2 years being transferred to any DC scheme. I presume you have a pension account with the provider to whom you transferred the £11k and you may want to investigate with them if they broke the rules on this. However this is an aspect I am not well versed in and suggest you take properly qualified financial advice before doing anything as it is quite possible to shoot yourself in the foot is you get into unguarded conversations with them.

@@dfountain Thanks for taking the time to reply. I have lodged complaints with both companies and found some encouraging case studies from the Ombudsman so fingers crossed!