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The May 30, 2024 pension schemes newsletter introduces an online tool for savers to apply for a transitional tax-free amount certificate, highlights reporting reminders for administrators, and seeks participants for developing HMRC's new lifetime allowance protection service.
The latest pension schemes newsletter was published on May 30, 2024,
and includes a link to a new online tool for savers to
check whether they can apply for a transitional tax-free amount
certificate, where they used some of their lifetime allowance
before April 6, 2024.
Some members may opt for one of the new certificates where they
crystallised benefits at a time when the lifetime allowance was
lower than £1,073,100. The newsletter also notes that the
certificate must meet certain statutory requirements and should not
be issued or dated before April 6, 2024.
The newsletter also sets out further reporting reminders for
administrators, as well as seeking participants in the development
of HMRC's lifetime allowance protection look-up service when it
moves to the new Managing pension schemes service in 2025. HMRC
plans to extend the service so that it covers lifetime allowance
enhancements as well as protections.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
