Latest Public Sector News

21.01.14

MyCSP launch new service for civil servants

Pension tax changes could mean senior civil servants will breach the amount of savings that benefit from tax relief, MyCSP has warned.

MyCSP is the mutual joint venture and administrator of the new civil service pension scheme. It is launching a new service to help explain the changes to civil servants, discuss how they could be affected and what options and action are available to them.

From April 2014 the Lifetime Allowance (LTA) will reduce from £1.5m to £1.25m and the Annual Allowance – the limit on the tax efficient pensions savings that can be made in any one year – will also reduce from £50,000 to £40,000.

This could affect civil servants earning over £100,000 a year, as well as those on £45,000 if they have over 20 years’ service and receive a promotion.

Virginia Burke, business development director at MyCSP, said: “It is important that scheme members are aware of the upcoming changes in order to make informed choices about their options and ensure the correct HMRC reporting procedures are followed.”

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