Old Age Pension Scheme Form Download

"Your pension" means different things to different people.You could be thinking about joining the Local Government Scheme, or you could be paying into it and wondering what benefits are building up. You could be leaving or retiring and want to know what happens next, or you could already have retired.Select the link to focus in on what you would like to know

The 50/50 scheme reduces the cost of being the pension scheme while keeping your safety net intact, and you can easily switch back into the main scheme or opt out in the future. Sound good? You can find the 50/50 switch form here.

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Foreign stock or securities, if you hold them outside of a financial account, must be reported on Form 8938, provided the value of your specified foreign financial assets is greater than the reporting threshold that applies to you. If you hold foreign stock or securities inside of a financial account, you do not report the stock or securities on Form 8938. For more information regarding the reporting of the holdings of financial accounts, see FAQs under Foreign Financial Institution Investment Account and U.S.-Based Financial Accounts (including U.S. mutual funds, IRAs, 401 (k) plans, etc.).

If you have an interest in a foreign pension or deferred compensation plan, you have to report this interest on Form 8938 if the value of your specified foreign financial assets is greater than the reporting threshold that applies to you.

The filing of Form 8938 does not relieve you of the separate requirement to file the FBAR if you are otherwise required to do so, and vice-versa. Depending on your situation, you may be required to file Form 8938 or the FBAR or both forms, and certain foreign accounts may be required to be reported on both forms.

In general, the value of your interest in the foreign pension plan or deferred compensation plan is the fair market value of your beneficial interest in the plan on the last day of the year. However, if you do not know or have reason to know based on readily accessible information the fair market value of your beneficial interest in the pension or deferred compensation plan on the last day of the year, the maximum value is the value of the cash and/or other property distributed to you during the year. This same value is used in determining whether you have met your reporting threshold.

If you do not know or have reason to know based on readily accessible information the fair market value of your beneficial interest in the pension plan or deferred compensation plan on the last day of the year and you did not receive any distributions from the plan, the value of your interest in the plan is zero. In this circumstance, you should also use a value of zero for the plan in determining whether you have met your reporting threshold. If you have met the reporting threshold and are required to file Form 8938, you should report the plan and indicate that its maximum is zero.

Just as with domestic pensions or annuities, the taxable amount generally is the Gross Distribution minus the Cost (investment in the contract). Income received from foreign pensions or annuities may be fully or partly taxable, even if you do not receive a Form 1099 or other similar document reporting the amount of the income.

As a general rule, the pension/annuity article of most income tax treaties allows for exclusive taxation of pensions or annuities under the domestic law of the resident country (as determined by the residence article). This is generally true unless a treaty provision specifically amends that treatment. For example, some treaties provide that the country of residence may not tax amounts that would not have been taxable by the other country if you were a resident of that country. There also may be special rules for lump-sum distributions.

With respect to government pensions/public pensions/annuities (typically covered under the Government Service article) or social security payments, generally the payments are only taxable by the country in which the government is making the payments. Note that what constitutes a government pension or public pension is dictated by the treaty, and the rule may apply narrowly.

If you reside in a foreign country and receive a pension/annuity paid by a U.S. payor, you may claim an exemption from withholding of U.S. Federal Income Tax (FIT) under a tax treaty by completing Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting, and delivering it to the U.S. payor. You must report your U.S. Taxpayer Identification Number (TIN) on Form W-8BEN for it to be valid for treaty purposes.

If you live in the United States and receive a pension/annuity paid by a foreign payor, you must claim the appropriate treaty withholding exemption on the form, and in the manner specified by the foreign government. If the foreign government, and/or the foreign withholding agent, refuses to honor the treaty claim, make the treaty claim on your income tax return, or other prescribed form, filed with the foreign country. Additionally, you may be able to claim a Foreign Tax Credit on your U.S. federal individual income tax return for any foreign income tax withheld from your foreign pension or annuity. Be aware that a Foreign Tax Credit generally would not be permitted for tax withheld that is in excess of the liability under foreign law, taking into consideration applicable income tax treaties.

Apply the domestic law of each country to identify your residency, IRC 7701(b) in the case of the United States (see Chapter 1 of Publication 519, U.S. Tax Guide for Aliens, for the Green Card Test, Substantial Presence Test, or First Year Choice). Your residency determines how the treaty article on pensions/annuities will be applied.

If you determine you are a resident of one of the countries to the treaty, then you should refer to the benefits provided under the relevant treaty article dealing with pensions, annuities, government service, or social security payments.

If any of the above rules results in the determination of a single country of residency, then there is no need to continue with the remaining rules. On the other hand, if none of the above rules results in a single country of residency, then residency should be decided by the Competent Authorities of each country upon request by the taxpayer. Refer to Competent Authority Assistance for information on how to make a competent authority assistance request. Note that some treaties do not provide tiebreaker rules for determining the residency status of dual residents and you must request Competent Authority assistance to make a determination.

Absent application of a particular treaty provision, foreign social security pensions are generally taxed as if they were foreign pensions or foreign annuities. They are not eligible for exclusion from taxable income the way a U.S. social security pension might be unless a tax treaty provides for an exclusion.

Most income tax treaties have special rules for social security payments. Generally, U.S. treaties provide that social security payments are taxable by the country making the payments. However, a foreign social security payment may also be taxable in the United States if you are a U.S. citizen or resident, as a result of the saving clause. And remember, not all treaties have the same provisions for foreign social security pensions, so always refer to the specific treaty at issue.

Income tax treaties may also contain special rules for pensions paid in respect of government service (typically found under the Government Service article). Many U.S. tax treaties provide that a pension received for government services will only be taxable by the payor country if the person is a citizen/national of the country to which government services are provided and is not a citizen or lawful permanent resident (green card holder) in the country where the services were performed. Benefits with respect to government pensions may vary from this treatment, so you should refer to the specific treaty at issue for deviations. In addition, it is important to remember that foreign government pensions received by a U.S. citizen or resident may be subject to the saving clause.

Your contributions and your employer's contributions are not part of your cost if the contribution was based on compensation for services performed outside the United States while you were a nonresident and not subject to income tax under the laws of the United States or any foreign country (but only if the contribution would have been taxable if paid as cash compensation when the services were performed).

There are relatively few U.S. treaties which provide benefits for cross border pension contributions (typically found under the Pension Schemes articles). Benefits may allow a U.S. citizen that is a resident in a foreign country to obtain favorable tax treatment in the foreign country for contributions made to a U.S. pension plan or may allow a U.S. citizen that is a resident in a foreign country to obtain favorable tax treatment in the U.S. for a contribution made to a foreign pension plan. Since the benefits are limited with respect to pension fund contributions, you should always refer to the specific treaty at issue to see what, if any, benefits are available.

The Croydon Pension Fund is part of the national Local Government Pension Scheme (LGPS). If you join the scheme and stay in it for at least 2 years, you will get a pension paid to you when you retire.

Complete this form if you wish to opt-out of the Croydon Council Pension Fund. Please make sure you have read the explanatory notes on the back of the form. You will be re-entered into the scheme your at employer's next auto re-enrolment date.

The opt out form can only be completed and signed by you the Scheme member or, where the opt out form is completed electronically, you must include a statement in the email confirming that you personally submitted the form. ff782bc1db