The Independent Public Services Pensions Commission Final Report of 10 March 2011 recommended changes to Public Service Pension Schemes in order to place them on a more sustainable footing. One of the recommendations was to adopt Career Average Revalued Earnings schemes. The Government accepted most recommendations as a basis for consultation and new schemes were introduced in April 2015.
Step by step guide for the AFPS Pension Savings Taxation (Annual Allowance) notification letter for Tax Year 2018/19
This guide has been provided to assist members of the armed forces to establish if they are liable for an Pension Savings tax charge, how to work out their tax bill if they are, how to register for a self-assessment tax return if required, how to complete that tax return and how to pay the tax bill.