Options for avoiding/mitigating a tax charge.
USS has introduced some options to help members avoid or mitigate a tax charge under either (or both) of the allowances.
However, we should stress that these options might not be the right course of action. You should seek advice as your net benefits, even after a potential tax charge, may be greater than the net cost of the contribution paid by you.
There is a factsheet explaining the options in more detail. In addition there are a series of video presentations giving an overview of the options, please see the links within this page.
Additionally, if you’d like to speak to someone at USS directly click here. Please note, we cannot give advice, we can however clarify any technical issues/queries.
If you’re ready to elect for one of the options you can either obtain the forms from the links below or contact your employer.’
Should you require any assistance in relation to tax options, please contact;
|
Name |
Contact details |
Enquiry type |
|
Andrew Hale |
0151 478 7201 Andrew.hale@uss.co.uk |
Applications for this financial year |
|
Jeanette Stevens |
0151 478 7098 Jeanette.stevens@uss.co.uk |
Current pension and annual allowance figures |
|
Julie Upton |
0151 478 7084 Julie.upton@uss.co.uk |
Current pension and annual allowance figures |
|
Steve Golden |
0151 478 7016 Steven.golden@uss.co.uk |
Technical questions in relation to the tax options rules |
|
Sean Greene |
0151 478 7064 Sean.greene@uss.co.uk |
Technical questions in relation to the tax options rules |
Whilst Jeanette and Julie’s teams will be happy to provide information to you and our members, staff at USS are not authorised to provide financial advice. It may be appropriate for members to seek financial advice in deciding which, if any, of the tax options is of interest to them. A list of Independent Financial Advisers is available here to assist members in this respect.
What if I do get a tax charge under the Annual Allowance?
It is your responsibility to settle this with the HMRC. However, if your tax charge is more than £2,000 and the Annual Allowance value of your USS benefits was over £50,000, then you can elect that USS pays the tax charge for you.
Of course this doesn't come free; there will be a reduction to the value of your benefits in exchange for the payment of the tax bill. To see the rates click here.