les_cameron
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@Wildparaplanner said: Ah that clears that up, thanks Les. As per the other post, who really cares about the LSDBA when you just use beneficiary drawdown to bypass it anyways!! Assuming the scheme allows it of course and the nominations a…
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No - both now and in the future it will use £130,000 of LSA. SSPTFC only uses LSA of 25% of the amount crystallised. The difference after April is it would use £196,000 of LSDBA but before April it would only use £130,000. I'd recommend havin…
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Gross stupidity or adviser negligence.
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Am assuming the benefits are being settled with 2 years. Only lump sums get tested in the new world - that is a basic tenet of the whole change. Death benefits in the form of drawdown are LTA tested now pre April (but the charge is 0% so meani…
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The default deduction from LSA and LSDBA will be LTA% used x £1,073,100 x 25% - so basically they will use £130,00 of LSA.
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Tool print out
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Don't read the regs - read Tech Matters instead! https://www.mandg.com/wealth/adviser-services/tech-matters/news-and-views/lifetime-allowance-abolition-from-2024/lsa-lsdba You can get a TTFAC regardless of how much LTA you have used. Use this …
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I don't believe tax relief is the test. The main test is were they started prior to April 2006 and have remained unchanged. And if so it's OK.
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It depends - see here - https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm093510
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Pass - the only logical conclusion is that they are just expenses from your net income.
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The standard transitional amount is 25% of the LTA used % x £1,073,100 - that's a crystal clear. It is also crystal clear that if you have had less than the standard transitional amount in tax free cash you can get a certificate. You will not …
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They can - all BCEs that had no PCLS attached are in scope
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Scheme guide - https://assets.publishing.service.gov.uk/media/6242fc93e90e075f0a61dc67/jps-scheme-guide-2022.pdf No tax relief so can't possibly see how they would have an impact on ANI.
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Yes any LTA used where no PCLS (or PCLS was lower than the standard transitional amount) can get a TTFAC. It's that simple. Our new tool will do the sums - https://www.mandg.com/wealth/adviser-services/tech-matters/tools-and-calculators/lta-trans…
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Might still be a little extra LSA available after April as they vested when LTA less than £1,073,100 - depends on when that 264k was taken (and overall tax free amount)
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No. The only legal thing you can do with the remaining uncrystallised funds is put it in to drawdown - and the income would be taxable and trigger MPAA. How and when did he crystallise? Might be potential to squeeze out extra PCLS come April.
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Simply, the criteria for getting a certificate is you have had a BCE and ask for it with evidence before your first RBCE. If your tax free amounts of PCLS and UFPLS are less than 25% x LTA used x £1,073,100 you'll get more LSA and LSDBA. In sh…
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https://www.gov.uk/check-if-you-need-tax-return
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Savings income in excess of £10,000 needs reported and triggers self assessment requirements. Bond gains are savings income. Whether or not tax is payable is irrelevant.
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I found my G60 book when looking for my government gateway ID letter so I could do my tax return! Actually doesn't have that option in it. Though I can see if a benefit was deemed not payable it would create "surplus" to get reallocated.
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@benjaminfabi said: Thanks Les. Turns out that pre-aday, all funds of deceased SSAS members could, as one option, revert to the SSAS for reallocation between the remaining members. As the children were members who didn't need any lump sum death b…
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I think the only option would have been a lump sum death benefit - only dependents could get income options. Something not right here
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Hi The partial rule works at arrangement level so perhaps, unless the scheme has a scheme level rule - scheme rules rule. You can't transfer into a segmented plan as all arrangements have to go full to full e.g. going from 1 arrangement to say…
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@Caro said: I suspect it's because fixed term annuities are written under drawdown rules and you can't do a partial transfer of crystallised funds. I think that will apply with any provider, not just Canada Life. https://www.canadalife.co.…
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The guarantee continues in payment I think not a lump sum. If they become entitled to the pension before 6 April 2024 then you are correct the PPLSDB would be exempt. Unless my arithmetic fails me they are not going over 100% so not sure why the…
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everyone is assumed to have had full tfc on pre commencement pensions - that's why you multiply by 25 and not 20.
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Lower of applicable amount or 25% of available LTA. PCP is valued at 25 x pension immediately prior to your BCE. If that's £800k then they have 450k of LTA left. So pre April TFC is the same. Post April That PCP is valued at 800k - 25% of th…
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It's a grey area - you can argue both ways. https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm143200 It depends on how you read "related to" . If all pension policies are included in the advice then I think you can stretch relate…
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Yes, the 3 month window is for getting guaranteed values at the guaranteed level. You are giving advice on an estimated value as they are no longer entitled to a guaranteed value. You'll need to be careful around what the actual value is going…
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Yes - you can;t cherry pick. You are just proving you have had less in total than the default calculation. Full disclosure will be required. The rules say the transitional tax free amount is the sum of all PCLS and non taxable part of UFPLS.