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Who could be affected? - Annual Allowance
• • • • • • • Promotion (becoming Director, Dean, Vice Provost or Provost!) and remaining in the same pension scheme Annual professorial, clinical and appraisal pay awards Pay awards in excess of CPI Receiving a regrading or regrading a member of your staff Employing someone/moving jobs within the sector and remaining in same pension scheme Paying AVCs or contributions into another scheme Accruing pension at a higher rate than scheme accrual, paying Added Years AVCs Redundancy / Purchase of additional service (augmentation) by employer Combination of high salary / long service Limited scope to use previous unused allowances Note: Deferred benefits NOT included in AA calculations
February 2012 workshops
UCL Pension Services
Changes to the Annual Allowance and Life Time Allowance – reduced limits
Today‟s presenters: Fenella Needham – Pensions Manager UCL
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Annual Allowance – how is it calculated?
• Pension Input Period (PIP) - USS and NHS schemes both 1st April to 31st March Capital Value of pension, lump sum, AVCs at end of PIP Factor of 16 (was 10) Consumer Price Index (CPI) Aim is to achieve additional tax revenue by multiple means; • Lower limits will bring in more AA tax charges • Employees limiting benefit accrual to new AA limit will pay higher PAYE through reduced tax relief on pension contributions
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Why have the AA and LTA changed?
• • • AA and LTA were first introduced April 2006 – Finance Act 2004 AA (2006 - pre April 2011) was £255,000 per annum and LTA was £1.5m in 2006, rising to £1.8m for tax year 2010/11 Limits sufficiently high to not affect many people at UCL
• From 6 April 2011 - AA reduced to £50,000 • From 6 April 2012 – LTA reduced to £1,5m
Annual Allowance – what is it?
• An annual threshold or value by which your pension benefits may increase without any personal tax liability Any excess over the AA of £50,000 pa is subject to tax at your marginal (highest) rate of tax Ability to use any unused AA from previous three tax years to offset any excess of AA in a Pension Input Period (PIP) previous 3 years using an AA value of £50k Carry Forward - mechanism for previous 3 years unused allowance
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CPI (at September prior) = 3.1%
Factor of 16
Annual Allowance - Example 1 continued
Total Benefits for PIP to 31/3/2011 •28 years/80 x £100,000 = £35,000 + lump sum of 3 x pension = £105,000 •£ 35,000 x 16 = £560,000 + £105,000 = £665,000 •£ 665,000 + 3.1% CPI = £685,615 Total Benefits for PIP to 31/3/2012 •29 years/80 x £110,000 = £39,875 + lump sum of 3 x pension = £119,625 •£39,875 x 16 = £638,000 + £119,625 = £757,625 Annual Allowance Charge calculation •£ 757,625 - £ 685,615 = £72,010 •£ 72,675 - £50,000 = £22,010 * 40% = £8,804
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UCL Pension Services
Changes to Pension Tax Relief Limits
Annual Allowance from 6th April 2011 Life Time Allowance from 6th April 2012
• Finance Act 2011 made significant changes to the regime and its operation.
• Labour government brought in changes in 2009 which aimed to bring an additional £3.4Bn of tax revenue. New government simplified the methodology but have same income target.
Offset of previous years unused Annual Allowance– Carry Forward Calculations - to reduce/ remove AA tax liability – transitional period
Year 2010/11 2009/10 Annual Allowance £30,000 £60,000 Carry-Forward each year £20,000 £nil Balance of Carry-Forward £40,000 £20,000
Outcomes for today
• You have a good understanding of the AA tax changes implemented in April 2011 – Finance Act 2011 You are aware of the potential tax impact caused by future pay increases, continued accrual of pension benefits whilst in any (but especially a final salary) pension scheme and/or paying AVCs You know when & from whom to get the required information necessary for you to calculate the AA and assess whether any tax charge may be due You are aware of the possibility of applying for Fixed Protection before 5th April 2012 due to the reduced LTA limit You know where to get pensions information and independent financial advice
• Impact of any future pay increase or payment of any future AVC‟s • Actions you need to consider going forward • Consider independent financial advice
•Annual Allowance and Life Time Allowance
Gary O‟Neill – Austin Chapel Independent Financial Advisers
•Will you need financial advice?
In attendance Colleagues from UCL Pension Services
Overview for today
• What is the Annual Allowance (AA) and Life Time Allowance (LTA)? • Why have they changed?
• How are the AA and LTA calculated and what might be the potential tax implications for you
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Annual Allowance – Example 1 No AVCs paid, no large increase in salary
• • • Earnings increase from £100,000 to £115,000 on 1st August 2011 PIP pay figure for 2011/12 = ((4/12 x £100k)+(8/12 x £115k)) = £110,000 28 years service at 31/3/2011 – 29 years service at 31/3/2012
2008/09
£30,000
£20,000
£20,000
The above calculation method is used for looking back over the last three years Balance available can be used to mitigate/remove a charge