Have you incurred an annual allowance tax charge during the 2024/25 tax year?
The deadline to notify USS of your intention to use Voluntary Scheme Pays for the 2024/25 tax year is 15 December 2025.
Voluntary Scheme Pays is an option for members who have exceeded the tapered Annual Allowance limit or if the member’s tax charge liability is between £1,000 and £2,000. This applies to benefits built up in USS only.
The statutory deadline for members wishing to elect for Mandatory Scheme Pays for the 2024/2025 tax year is 31 July 2026. Mandatory Scheme Pays is available to members who have gone over the standard Annual Allowance limit and their charge liability is £2,000 or more.
Members wishing to take this option should complete and submit the scheme pays form to USS. Confirmation will be sent to you once USS has completed the process.
USS are running two member webinars focusing on pensions tax ahead of the deadline to help members understand their options. Find out more and book your place.