UFPLS and LTA
Posted: August 11th, 2018, 5:19 pm
I have a pension that is about to increase and I have been asked to fill in a form to calculate my lifetime allowance.
The pension in question is the only one that I plan to take regular payments from.
I have a SIPP that I have taken one UFPLS from (which was in the last tax year) and will in future take more from on an irregular basis.
The form refers to pension benefits I am receiving and seems to assume all pensions will be in the form of regular payments.
Am I right in thinking that the UFPLS I took was a Benefit Crystallation Event? If this is right, I assume that UFPLS of 10k represents 1% of my LTA taking last years LTA figure of £1m, and that is the figure of used LTA that should enter on the form?
The pension in question is the only one that I plan to take regular payments from.
I have a SIPP that I have taken one UFPLS from (which was in the last tax year) and will in future take more from on an irregular basis.
The form refers to pension benefits I am receiving and seems to assume all pensions will be in the form of regular payments.
Am I right in thinking that the UFPLS I took was a Benefit Crystallation Event? If this is right, I assume that UFPLS of 10k represents 1% of my LTA taking last years LTA figure of £1m, and that is the figure of used LTA that should enter on the form?