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These notes will help you use the annual allowance calculator. The calculator can work out the total amount of your pension savings (your 'pension input amount') and the annual allowance used for the 2011-12 tax year and any carry forward amount for up to three years before this year. You can use it whether you have pension savings in a final salary scheme or a money purchase scheme or both. There are some situations when you can't use the calculator, find out more by following the link below.
Before you use the calculator you'll need to have some information to hand. The link below gives details of the information that you'll need to use it.
If you're using the calculator to work out your pension input amount for a final salary scheme, the fields marked with a red asterisk must be completed for the calculator to give the correct result.
Pension savings annual allowance calculator - introduction
Enter the end date of the pension input period (PIP) ending in the 2011-12 tax year.
Enter the end date of the pension input period (PIP) ending in the 2011-12 tax year.
The dates will have been pre-populated based on the details you gave in the final salary scheme fields on the first page of the calculator. Enter an amount for each year. You'll need to enter the amount of your pensionable salary on the date you give as the end date of your pension input period. For example if your pension input period ends on 31 December, then you'll need pensionable salary details for 31 December for each of the years 2007 to 2011.
Different pension schemes have different accrual rates. These are stated as fractions such as 1/60 or 1/80.This field must be completed if you're using the calculator to work out your input amount for a final salary scheme. The calculator can't be used if the scheme:
Some final salary schemes make a separate lump sum payment when you come to take your pension. This lump sum is given without having to give up (commute) any of your pension. For example your pension scheme gives you a pension of 1/80th pensionable salary for each year of service and a lump sum of three times your pension. In this example as the lump sum payment is three times your final pension amount, the lump sum factor is 3.
If your pension scheme doesn't provide a separate lump sum when you take your pension you should enter zero (0). If your pension scheme provides a lump sum but you have to give up ('commute') part of your pension for this then you should enter zero (0). This field must be completed if you're using the calculator to work out your pension input amount for a final salary scheme.
You should enter the number of complete years and months that you have been a member of your final salary scheme at the end date of your pension input period (PIP). This field must be completed if you're using the calculator to work out your pension input amount for a final salary scheme.
The dates will have been pre-populated based on the response you gave in the money purchase or AVC scheme field on the first page of the calculator. Enter an amount for each year. The calculator can only be used if you've been a member of a registered pension scheme continuously since 5 April 2009 (or earlier). If you haven't made any contributions for one of the pension input periods then enter zero (0).
This is a complex calculation. If you use your own calculator to work out the amount of the pension savings there could be a difference in the results due to when you round the numbers in your own calculation.
