Do I need to let any other pension schemes know that I’ve flexibly accessed my pension pot?

Yes. Within 91 days of receiving notification from us, you must tell the scheme administrator of any other pension scheme that you are a member of that you’ve flexibly accessed your pension pot.  HM Revenue & Customs (HMRC) may fine you if you fail to do this. The scheme administrators of your other schemes will then monitor your pension savings in their schemes so that they can provide you and HMRC with the necessary information if you exceed the money purchase annual allowance in a tax year.

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