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HomeNews and Updates Pension Savings Statements – Wrap SIPP customers

Pension Savings Statements – Wrap SIPP customers

24 July 2024

For customers who are invested in our Wrap SIPP product, regulations require us to issue a pension savings statement to customers before 6 October 2024 if in the last tax year, we’ve received pension input amounts exceeding:

  • the standard annual allowance, £60,000 in 2023/24; or
  • the money purchase annual allowance, £10,000 in 2023/24 (and we have reason to believe the customer has flexibly accessed their pension rights)

 This applies even if a tax charge will not arise because unused allowances from previous years have been carried forward.

We’re not required to inform customers who are subject to tapering and have a personal annual allowance somewhere between £60,000 and £10,000 because of their income level.

 These statements will be sent in batches for a period of 3 weeks from Thursday 25 July.