The Scheme is a registered pension scheme for HM Revenue & Customs (HMRC) purposes. As a registered pension scheme, it enjoys several tax advantages. Consequently, HMRC impose limits on the amount of pension savings you can make each year and build up over your working life. It is your responsibility to ensure you monitor and understand how your pension savings may be affected by the allowances imposed by HMRC.
Further information on either the Annual Allowance or Lifetime Allowance can be found by visiting
www.pensionsadvisoryservice.org.uk or www.hmrc.gov.uk.
If you elect to take your benefits from any other registered pension arrangement using the new pension flexibilities available, for example in the form of an Uncrystallised Funds Pension Lump Sum (UFPLS) you will trigger, for the tax year you draw your benefits (and for future years), a Money Purchase Annual Allowance. This means your tax efficient contributions to any defined contribution scheme will be more restricted (usually to £4,000).