Remedy Scheme Pays
Using Scheme Pays to handle any tax charge relating to the Pension Input Periods covered in your Remedy Pension Savings Statement (Remedy PSS)
Read on for more information on Remedy Scheme Pays
If you exceed the Annual Allowance in any year and a tax charge is due, you can ask us to pay the charge on your behalf in exchange for a reduction in your benefits. This is called Scheme Pays (SP).
If you have identified a change in tax liability for any of the Pension Input Periods within the Remedy period, you may want or need to use the Scheme Pays method to handle any additional charge(s) you may need to pay or, in the case of an overcharge, a reimbursement.
You could also use Scheme Pays to pay any Annual Allowance Tax in the 2022/2023 tax year.
The HMRC Public Service Pension Adjustment calculator will show if you are due to pay more tax, or to receive a reimbursement of overpaid tax. If you owe tax you will be able to select Scheme Pays as an option to pay the tax charge due.
You will then receive further information about Scheme Pays and any action you may need to take when you are contacted by either HMRC or the scheme to confirm charges due for payment or reimbursement.