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LOCAL GOVERNMENT PENSION SCHEME (LGPS)ANNUAL ALLOWANCE SCHEME PAYS ELECTION FORM 2021/22 TAX YEAR Please complete this form if youd like Lothian Pension Fund to pay some, or all, of your Annual Allowance
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How to fill out annual allowance scheme pays

01
To fill out annual allowance scheme pays, follow these steps:
02
Determine if you exceed the annual allowance limit for your pension contributions.
03
If you do exceed the limit, check if your pension scheme allows scheme pays.
04
If scheme pays is available, contact your pension scheme administrator and request a scheme pays election form.
05
Fill out the form accurately and provide all the necessary details such as your personal information, pension scheme details, and the amount you want to pay.
06
Submit the completed form to your pension scheme administrator within the specified deadline.
07
Your pension scheme administrator will then arrange for the excess annual allowance amount to be paid by the scheme and deduct it from your pension benefits in the future.
08
Keep a copy of the filled out form for your records.

Who needs annual allowance scheme pays?

01
Annual allowance scheme pays is needed by individuals who exceed the annual allowance limit for their pension contributions and have a pension scheme that offers scheme pays. This option allows them to pay the excess amount using their pension scheme rather than using their own funds. It can be beneficial for individuals who want to avoid paying the annual allowance charge upfront or who do not have sufficient funds to cover the excess amount.
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Annual allowance scheme pays allows individuals to pay any annual allowance charge due on their pension contributions directly from their pension scheme, rather than from their own funds.
Individuals who have exceeded their annual allowance and wish to have their pension scheme pay the associated tax charge on their behalf are required to file annual allowance scheme pays.
To fill out the annual allowance scheme pays, individuals must complete the relevant forms provided by their pension scheme administrator, detailing the excess contributions and any necessary personal information.
The purpose of annual allowance scheme pays is to allow individuals to manage large tax charges related to pension contributions, making it easier to stay compliant without needing to find immediate funds.
Information that must be reported includes the amount of excess pension contributions, the calculated tax charge, the individual's details, and details of the pension scheme.
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