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Offset of previous years unused Annual Allowance– Carry Forward Calculations - to reduce/ remove AA tax liability – transitional period Calculation of unused Annual Allowance– Carry Forward Calculations - to reduce/ remove AA tax liability – going forward for future calculations USS changes to mitigate tax charges Enhanced opting out FS members only Retain life incapacity benefits Cannot rejoin FS Must rejoin CARE Fixed Protection election Financial Advice These matters are complex, difficult decisions to make, natural you will want help in making the decision which is best for you. UCL Pension Services and staff at the schemes can provide information about the scheme and the options available but cannot give financial advice. USS – list of contacts able to assist members with further queries / benefit calculations list of Independent Financial Advisors (IFA) Help from other organisations; BMA etc. How do you pay the tax, if no scope left after Carry Forward calculations done - “Scheme Pays”  You will need to voluntarily notify HMRC via a Self Assessment Tax Return (SATR) that you have exceeded the AA ￡50k limit. HMRC will require you to immediately pay any AAC under ￡2,000. HMRC introduced the concept of “Scheme Pays” - AA tax charge is ￡2,000+ and is applicable to 1 scheme, then you may elect for the pension scheme to pay the charge on your behalf. You must inform HMRC on your SATR of your option and inform your pension scheme by their notification date (USS 31st July after HMRC notification). You can part pay yourself and part have the scheme pay. Benefits are permanently reduced to allow for the value of the tax charge. Further information on this option is available on the USS/NHS websites. Informing HMRC via SATR Inform HMRC through their online assessment portal or via form SA101 of your option ‘How to fill in your tax return’ guide .uk/worksheets/sa150.pdf Important - Ask scheme for an reduction affect of your benefits before comple