60 in 6 months

[robking]

I turn 60 in early May and I received my letters from Capita and Royal Mail on Friday,Just one question on filling the form in on the Royal Mail one to do with the Lifetime Allowance, it asks you to put any other pensions do you put my Capita one on the form?

Yes they require you to submit that you have another pension with Capita.

That form will be irrelevant by May the lifetime allowance is being abolished from 6th of April.

RobertT is correct.
That’s why in another thread I hailed the demise of the LTA purely in our pension scheme nothing else!.
Either whether you receive or ask for quotes & because they’re incapable of communicating between themselves BEFORE the both sets of forms are sent out by RMPP & RMSPS. You are then required to ring back again to receive the LTA figures which I might hasten to add are the only ones who have knowledge of your LTA figures for you to apply those figures onto the necessary form before you can return them..
As I said before absolute shambles.

Here is the government policy paper: https://www.gov.uk/government/publicati ... tax-limits
It says that nobody will have to pay the LTA tax charge from April 2023. But maybe it's best to send the form back anyway as vmaxv4 says our pensions department is a bit of a shambles and not sending it will only confuse them.

[RobertT]

Pertinently for us, that document says:

Moreover, individuals will no longer have to supply information connected to the LTA to their pension scheme administrator, and individuals with LTA protections (made redundant by this measure) will no longer be required to comply with protection conditions.

It also says:

Proposed revisions
Legislation will be introduced in Spring Finance Bill 2023 to:

Increase the AA from £40,000 to £60,000;
Increase the MPAA from £4,000 to £10,000;
Increase the income level for the tapered AA to apply from £240,000 to £260,000;
Ensure that nobody will face an LTA charge from April 2023;
Limit the maximum an individual can claim as a PCLS to 25% of the current LTA (£268,275), except where protections apply;
Change the taxation of the LTA excess lump sum, serious ill-health lump sum (SIHLS), defined benefits lump sum death benefit (DBLSDB), and uncrystallised funds lump sum death benefit (UFLSDB), where they are currently subject to a 55% tax charge above the LTA, to taxation at an individual’s marginal rate;

Legislation will be introduced in a future Finance Bill to remove the LTA from pensions tax legislation.

I suspect we might have to wait until that future finance bill before we don't need to bother with the LTA. which I assume will be by April 2024?

[Brasstack]

Personally I would chase up don’t wait for them to contact you as myself weeks away from my 60th had to chase capita relentless chased up with complaint just to get my quotes. Joke of company