Scheme Pays tool
If you exceed the annual allowance, you can ask the Fund to pay some or all of your annual allowance tax charge.
In some cases, the Fund is obliged to pay the charge on your behalf (mandatory scheme pays) and, in other cases, it’s entirely at their discretion (voluntary scheme pays). In return for the Fund paying your annual allowance tax charge, there will be an appropriate reduction to your pension benefits within the Scheme.
If you’re interested in the Scheme Pays option, you can use our helpful tool to find out what you need to do and how to apply.
You’ll also find more information in our ‘Scheme Pays Q&A’ factsheet.