If you’re a contributing member of the Experian Retirement Savings Plan (ERSP), you’ll have recently received the attached guide about the limits for tax-free retirement savings, as well as the options available to members who are most likely to be affected, and any action that may be required to avoid a potential tax charge.

Most members are unlikely to be affected by the limits but you’re responsible for your own tax position, so it’s important that you understand them. You’re also encouraged to seek professional tax or financial advice if you’re unsure whether you’re affected.

As a reminder, you’re most likely to be affected by the changes if:

• your ‘Threshold Income’ exceeds £110,000 pa and your ‘Adjusted Income’ exceeds £150,000 pa (see page 6 of the guide for further details); or
• you’ve already built up substantial savings from all of your retirement arrangements.

Additional help for affected members

We’re running some further group workshops in association with Lane Clark and Peacock LLP (www.lcp.uk.com) for members who think they’ll be affected by the changes. Places are limited so please contact Lois Mann on 0203 042 4025 or at lois.mann@experian.com as soon as possible, if you think you’ll be affected and wish to attend or dial into one of the following workshops:

• 8 March 2017, Conference Room 3, Sir John Peace Building, Nottingham
  1pm - 2pm and 2.30pm - 3.30pm
  
  
• 9 March 2017, Victoria Suite, Cardinal Place, London
  11.30am - 12.30pm, 1.30pm – 2.30pm and 3pm - 4pm
  
  

You can also visit https://experianpensionstaxmodeller.lcp.uk.com (password: Exper1an) for access to a modeller to estimate what your new tax-free limits might be, based on certain assumptions such as your expected income and retirement savings from all sources.

If you know you’re going to be affected by the changes and need to apply for any of the HMRC protections, you can now do this online at: www.gov.uk/guidance/pension-schemes-protect-your-lifetime-allowance