The Lifetime Allowance ended in April 2024, and has been replaced by 2 lump sum allowances. We’ve updated the RPS Tax pensions toolkit to help your employees understand what the Lump Sum Allowances mean and how they may affect their pension savings.
A toolkit for employees in the British Transport Police Superannuation Fund (BTPFSF) will be available shortly.
Visit pensionscommstoolkit.railpen.com then filter for ‘RPS’ and ‘Tax’ to get started.
What does the updated toolkit cover?
The updated pensions toolkit will help you tell your employees about the main tax limits, including:
What does the updated toolkit explain?
The updated toolkit explains the pension tax limits and how they may affect members’ pension savings, plus:
- Why saving for life after work with a pension is one of the most tax efficient ways for members to save
- How tax relief on pension saving works for members of the Railways Pension Scheme (RPS) - whatever rate of tax members of the RPS pay, they get full tax relief without having to claim it
- Why tax relief on pension saving is a good thing, but if members save too much, they might go over certain limits and have to pay a tax charge
- It explains the main pension tax allowances members should know about, and how they might affect them and their pension savings
- What happens if a member’s pension savings in the RPS are greater than the pension tax limits
…and much more!
What content is included in the updated Tax pensions toolkit?
There’s a mix of resources to give you the best chance to reach all your employees.
The content is covered in various formats, including:
- A document to help you get the most from this toolkit
- A campaign plan
- Informative articles
- Email templates
- Useful infographics
- Attention-grabbing posters
- A suite of social media posts
- Eye-catching web banner
- 4 short videos
It’s entirely up to you how you use the materials in the toolkit
You might share this content on noticeboards in your offices, or you may want to post an article on your intranet or to send an email round to colleagues to help them understand how tax might affect their pension.
We’ve outlined the steps you may want to take if you decide to launch a pension tax campaign with your employees in the campaign plan document.
How to use and access the updated toolkit content
You can find simple instructions on how to use the pensions communications website and how to download content in the on your pensions toolkits website.
Share your ideas for future content
We’d love to hear your feedback on the toolkit and any ideas you may have for future topics. If you’re using the toolkit content, we’d love to hear what you’ve got planned and how it worked for you.
Let us know what you and your employees think by emailing toolkitsupport@railpen.com or speak to your Client Relationship Manager.