Following our previous update, we can now provide more information to Scheme members affected by the 2023/24 pension savings calculation error.
We have written to affected members directly and will continue to provide regular updates. You do not need to contact us if you think you are affected. We will automatically issue a correct 2023/24 Pension Savings Statement (PSS) to those who need them.
It is important to be aware, that if you are expected to breach the annual allowance threshold, you must complete your 2023/24 tax Self Assessment with HMRC before the deadline of 31 January 2025 using a provisional figure.
Self Assessment guidance can be found on HMRC’s website.
We are again very sorry for this mistake and for any inconvenience it may cause. We understand the importance of accurate pensions calculations and we’re taking steps to deal with this issue as a matter of utmost urgency.
We have reported the issue to The Pensions Regulator. We will work with the Regulator to support any investigation and follow any recommendations they put forward.
Thank you for your understanding and patience as we work to resolve this matter.