Yes, as long as you let us know before you start taking your pension. This is so we can take off the correct amount before it starts being paid to you.
When you ask for a retirement quote, we’ll let you know what pension savings you've earned in that tax year (and the previous one if you haven’t had that information already). If your Annual Allowance (AA) tax charge is more than £1,000, you can let us know if you want to apply for Scheme Pays – we’ll send the form along with your retirement pack.
Unless you’re retired, you may not know whether you’ll need to pay an AA tax charge until the end of the tax year. You can submit your Scheme Pays notice before you retire based on the information you have at the time.
We’ll pay an estimate tax charge for you. If your charge is over this amount, you’ll need to make up the rest directly with HMRC. And if the charge is lower, you can ask HMRC for a refund.