11th October 2013

Scottish Widows: Annual allowance and pension savings statements

If your clients' total annual contributions into their pension arrangements are more than £50,000 for tax years 2011/12 and/or 2012/13, they could be liable to tax charges.

We’re now contacting clients whose pension savings in our schemes exceeded the annual allowance, and are providing them with the required pension savings statement. We are also sending trustees of occupational schemes pension savings statements for any of their members who have exceeded the annual allowance.

If you've got clients who will get a pension savings statement, we will have written to you with a client list. Please speak to your account manager or usual sales contact for more information.

Pensions