Pension Allowance Modeller

This Online Pension Tool is aimed at helping you, as a Perenco employee, manage your pension benefits and monitor any potential tax liability in relation to the Annual Allowance and Lifetime Allowance.

The Annual Allowance was introduced by the Government in 2006, the Annual Allowance makes you liable for a tax charge if the value of the pension that you earn in any year exceeds this limit, after accounting for any unused allowance amounts carried forward from the previous three years.

The Lifetime Allowance, introduced in 2006, is the total value of pension you can receive at retirement without any additional tax charge. This limit applies not just to the pension you have accrued whilst an employee of Perenco, but to all pension benefits you may have earned during your working life, excluding any State pension benefits.

In order for you to benefit from using the tool you will need the following key pieces of information to hand:

  • Annual Scheme Benefit Statement,
  • Letter regarding Carry Forward Annual Allowance
  • P60 and P11D information

If you want to know if your pension benefits from Perenco plus any other provider will exceed the Lifetime Allowance, you will also need to hand the following information:

  • The Value of any Defined (Final Salary) Benefits outside of Perenco
  • The current value of other Defined Contribution/Additional Voluntary Contributions outside of Perenco.

Should you be missing any of the information required above, you will be able to source copies as follows:

  • Annual Scheme Benefit Statement – if you are a member of the Perenco UK Pension Plan log on to the pension’s website www.perencopensionplan.co.uk and log on to access a copy. 
  • Letter regarding Carry Forward Annual Allowance & AVC Added Years (if applicable) – this was sent to you by Capita Employee Benefits in December 2017. If you cannot find it please phone Capita on 0207 709 4597 or e mail danny.holeyman@capita.co.uk P60 and P11D information – copies are available from your payroll team.
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From 6th April 2016 new limits apply to the Annual Allowance based upon your total taxable income in the relevant tax year.

Depending upon your income, the Annual Allowance of £40,000 may be cut back (or "tapered"). The amount of tapering applied will be based upon your actual income in the year.

If your total income in the year is below £110,000 then you will receive the full £40,000 Annual Allowance.

If your total income is above £110,000, then you will need to also include your Pension Input Amount for the year, the resulting number will be your "Adjusted Annual Income".

If your Adjusted Annual Income is over £150,000 then the Annual Allowance for you will be reduced by £1 for every £2 of Adjusted Annual Income you have in excess of £150,000.

If your Adjusted Annual Income is over £210,000 then the Annual Allowance for you is tapered to the minimum of £10,000. The Annual Allowance cannot fall below this amount.

The reduced Annual Allowance, if it applies to you, is then known as your "Tapered Annual Allowance".

Whilst we cannot predict for certain your taxable income this year, this modeller will allow you to input relevant information to assess your likely income for the year, and will use this amount and apply any tapering to your 2018/19 Annual Allowance. You may wish to use your actual income figures from the prior tax year, or make an adjustment to reflect what you believe will be your income this year.

"Income" for the year relevant to the tapering test will come from a number of sources. Whilst the main, typical items are listed separately below, we would recommend that you check the HMRC website at www.gov.uk for full details of what should, and should not, be included in this calculation.

?Earned Income (this will be your total taxable income from all employments, usually the figure shown on your P60). This should include your salary, overtime, shift allowances, bonus payments, etc.
£
?This will be your taxable benefits for P11D purposes. This will include company car allowance, fuel allowance,private medical insurance costs, childcare vouchers, financial planning, etc.
£
?Income you receive from any rental properties.
£
?Taxable interest received from any bank or building society accounts.
£
?If you made any pension contributions by sacrificing your bonus in the 2017/18 tax year please include them here.
£
?Please show here the sum of any other taxable income you may have (e.g. pension income received). Please refer to the HMRC website for a full list of relevant income.
£
£
Proceed
This modeller is not compatible with mobile devices.

Pension Allowance Modeller

NextPreviousPlay
  • Member Inputs
  • Annual Allowance Details
  • Future Projection Details
  • Lifetime Allowance Details
NextPreviousPlay
  • Member Inputs
  • Annual Allowance Details
  • Future Projection Details
  • Lifetime Allowance Details
Modify Inputs

2018/19

Annual Allowance limit is

Your Annual Allowance has been Tapered based on your projected income in 2018/19.
The assessed value of your benefit savings during the year is not expected to exceed the annual allowance.The assessed value of your benefit savings during the year is expected to exceed the annual allowance.You do not appear to have sufficient carry forward and will likely be subject to a tax surcharge.However, you appear to have sufficient carry forward allowance from prior years to avoid any tax surcharge.Indications are that a tax surcharge would be payable on with tax due of (based on 40% tax rate).
  • Carry forward to 2019/20 in respect of 2016/17
  • Carry forward to 2019/20 in respect of 2017/18
  • Carry forward to 2019/20 in respect of 2018/19
  • Total


  • Scope for AVCs within this tax year

2019/20

Annual Allowance limit is

Your Annual Allowance has been Tapered based on your projected income in 2019/20.
The assessed value of your benefit savings during the year is not expected to exceed the annual allowance.The assessed value of your benefit savings during the year is expected to exceed the annual allowance.You do not appear to have sufficient carry forward and will likely be subject to a tax surcharge.However, you appear to have sufficient carry forward allowance from prior years to avoid any tax surcharge.Indications are that a tax surcharge would be payable on with tax due of (based on 40% tax rate).
  • Carry forward to 2020/21 in respect of 2017/19
  • Carry forward to 2020/21 in respect of 2018/19
  • Carry forward to 2020/21 in respect of 2019/20
  • Total


  • Scope for AVCs within this tax year assuming that no AVCs are paid in 2018/19

2018/19

Lifetime Allowance

The assessed value of your benefit savings as at 5 April 2018 is shown below.
Indications are that your projected benefits are very close to the Lifetime Allowance. You are advised to contact the Perenco UK Pension Plan administration team in Capita.Indications are that your projected benefits will exceed the Lifetime Allowance. You are advised to contact the Perenco UK Pension Plan administration team at Capita.Indications are that your projected benefits will be below the Lifetime Allowance

2019/20

Lifetime Allowance

The assessed value of your benefit savings as at 5 April 2019 is shown below.
Indications are that your projected benefits are very close to the Lifetime Allowance. You are advised to contact the Perenco UK Pension Plan administration team in Capita.Indications are that your projected benefits will exceed the Lifetime Allowance. You are advised to contact the Perenco UK Pension Plan administration team at Capita.Indications are that your projected benefits will be below the Lifetime Allowance

Due to you being over the age of 62 we are unable to calculate this part of the model due to you being near retirement age. For a more bespoke LTA quote please contact the admin team

Lifetime Allowance - Long term Projection

Based on the criteria input by you, your projected lifetime allowance is estimated at the ages shown below.
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