The Xerox Final Salary Pension Scheme is registered with HM Revenue & Customs (HMRC).

As a result, the members and the Company receive full tax relief on their contributions to the Scheme. Also, a favourable tax regime applies to the Scheme’s investments.

HMRC imposes limits on the amount of benefits an individual can build up in a tax-efficient manner in each tax year (the Annual Allowance) as well as over their whole working life (the Lifetime Allowance). All pension payments (including the State Pension) are treated as earned income, just like your pay, and are subject to income tax.

Because of the tax reliefs given by HMRC, you may not assign your benefits as security for a loan or dispose of them in any other way.