Pensions

Please Note: Sussex Police Federation cannot provide pension advice. For your personal pension projection or for any other queries, please contact XPS administration on: -

penmail@xpsgroup.com

0330 0545453

www.myownpension.co.uk

The next Police Money Matters retirement seminar for Federated Sussex Police officers is on 5th June 2023. Please see here for more information.

An update from Cassidy Gillett, Pensions Technical Lead

Following the recent transfer of our pension administration function from Equiniti to XPS we would like to update you on the progress of certain functions that will now be performed by XPS.

Although XPS now have access to your pension records they are still processing some of the data which requires manual input. In addition to this we are awaiting the final transfer of end of year data from Equiniti.  With these considerations, XPS will need time to manually update parts of your record and perform checks to ensure the completeness and accuracy of your records.

As a result, XPS do not currently hold all the information on which your 2021/2022 pension saving statement was prepared.  This means that it is not possible for them to process your scheme pays election in their usual method.

We have been in discussion with XPS, and in order to meet HMRC deadlines for the reporting and payment of tax, we have proposed the following interim solution.

If your 2021/22 pension saving statement indicates that you have exceeded the £40,000 annual allowance limit and you have a taxable excess that you wish to pay via scheme pays:

1. Please submit your scheme pays request to XPS via email to tech@xpsgroup.com
2. XPS will ask you to complete a scheme pays election form and declare the tax as a voluntary scheme pays payment
3. Return the election form to XPS by 16^th January 2023 as they will not be able to process the payment without this
4. On receipt of the election form XPS will arrange payment of your tax charge to HMRC
5. As soon as XPS have received the data required, they will update your pension record and apply the relevant pension debits to your pension record

As you can probably guess, an awful lot of work needs to be carried out to ensure the completeness and accuracy of your pension records, so we would politely ask if you could allow time for XPS to complete this work to the standards we know they would like.  If you do have an urgent query, by all means, get in touch and they will be happy to respond.