Scheme Pays Election

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  • Answer:

    Yes, as long as the Mandatory Scheme Pays election was made prior to retirement, then you have until the 31 July, 4 years from the end of the tax year to which your liability relates to amend the election e.g. a Mandatory Scheme Pays election for the 2017/18 tax year, can be amended up to 31 July 2023.

    (The deadline to amend a Scheme Pays election that has been voluntarily accepted by the Scheme is yet to be determined.)

    If you have amended a Scheme Pays Election you will need to amend your Self-Assessment Tax Return (SATR).

    For more information on how to amend a SATR and the timescales surrounding, it please see our ‘Tax Return Guidance’.

  • Answer:

    Unfortunately the answer is no, a Scheme Pays election must be received prior to your retirement. Prevailing legislation is very specific on this point.

  • Answer:

    Family Benefits payable upon your death are not reduced by any Scheme Pays elections that you have made.

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