Scheme Specific PCLS - brain hurting
Scheme administrator has said:
The member’s pension commencement lump sum entitlement at 5 April 2006 is £17,938.49. The member’s fund value at 5 April 2006 is £49,415.25. Upon retirement the member is entitled to either (a) 25% of their fund value or (b) £17,938.49 increased in line with the Lifetime Allowance plus 25% of the fund accrued post A-Day.
I'll round up and say the current fund value is £1.5m.
The revalued VULSR is £21,526. And 25% of the post a-day fund (ALSA) is £366,162.
What can the member have as PCLS? Is it simply £21,526 plus the capped £268,275 in respect of the post a-day accrual?
I can't believe it is what the administrator has claimed in (b) above. I feel like I should know this but I've never had a case with SS PCLS and a value above the max PCLS amount.