Guidance

Step by step guide for the AFPS Pension Savings Taxation (Annual Allowance) notification letter for tax year 2020/21

This guide has been provided to assist members of the armed forces who have exceeded the standard tax free pension savings limit.

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Details

This guide has been provided to assist members of the armed forces to establish:

  • if they are liable for a Pension Savings tax charge
  • how to work out their tax bill if they are liable for a Pension Savings tax charge
  • how to register for a self-assessment tax return, if required
  • how to complete that tax return and how to pay the tax bill
  • if they have exceeded the standard pension savings limit of £40,000 for tax year 2020/21 or both the threshold income exceeds £200,000 and the adjusted income (threshold income plus PIA) exceeds £240,000, on their AFPS pension savings.

Updates to this page

Published 16 June 2021
Last updated 17 June 2022 + show all updates
  1. Updated step by step guide to 2021/2022 and removed previous versions of guide.

  2. Addition of 'Armed Forces Pension Scheme: a step-by-step guide to the Pension Savings Taxation Notification Letter for tax year 2020/21'.

  3. First published.

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