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Document How much is the Annual Allowance charge?

The annual allowance charge is not at a fixed rate but will depend on how much taxable income you have and the amount of your pension savings that exceed the Annual Allowance. To find out how much you will pay, you will need to work out the rate of tax that would be charged if your excess pension savings were added to your taxable income and based on your marginal income tax rate.

NHS Pensions cannot advise on the calculation of your Annual Allowance charge. If you have an Annual Allowance charge you must inform HM Revenue & Customs about your pension savings and liability to the charge.

For more information, please see the Annual Allowance section of the NHS Pensions website.

aa charge, annual allowance charge
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