Under age 75

(as at 5 October)

For pensions tax reasons, some members either cannot receive a restoration lump-sum payment or to do so would not be in their best financial interests.

For these members we have provided a range of documents which will help them work through the relevant considerations and advise what, if any, documentation they may need to provide to the Pensions Office.

Understanding your circumstances

If you think such considerations may apply to you, read the "Restoration: lump-sum payment or pension increase?" leaflet. The leaflet will help you identify your individual circumstances and whether you need to complete a Pensions Tax workbook and a form.

Restoration: lump-sum payment or pension increase? leaflet 

Lifetime Allowance protection summary

Pensions Tax workbook

Pensions Tax workbook (where Lifetime Allowance protections apply)
Only for members with Individual Lifetime Allowance Protection 2014 or 2016


Next Steps

The letter you receive in June 2022 will tell you the form of payment you are due to receive.

For most members it will be a lump-sum payment, but for some it will be an increase in pension because we think they may have some pensions tax considerations which mean either they cannot, or may not want to, receive a lump-sum payment.

If after reading the relevant documents above, you think you may be affected by one or more of the pensions tax circumstances, you can discuss your position by phoning the Pensions Office on 0330 440 0850 (or +44 141 274 2250 if you are phoning from outside the UK) by 9 August 2022.

Documents to complete and return by 23 August 2022 if:

    • You must receive the payment in a form other than the one indicated in your June 2022 letter, you need to confirm your choice by completing and returning one of the two forms below. (You may also need to submit other documentation to the Pensions Office to support your decision as below).
    • You are due to receive OR are opting in to receive the lump sum, but you have already used up all of your Lifetime Allowance, or you will exceed it, you need to complete and return a Pensions Tax workbook. 
    • You are due to receive OR are opting in to receive the lump sum and have a form of Lifetime Allowance protection you would like to rely on, you must provide a copy of your valid certificate.  

If none of the pensions tax considerations affect you, you do not need to take any action.

 

Opt-out form 

If the letter you receive in June 2022 indicates that you are due to receive a lump-sum payment but you have concluded there are pensions tax considerations which mean you either cannot receive a lump sum or it would not be in your best financial interests to do so, you should complete an Opt-out form.

The Pensions Office will write to confirm receipt and provide details of the pension increase and when it will be payable.

Opt-in form

If the letter you receive in June 2022 indicates that you are due to receive a pension increase but you have concluded that you are eligible to receive a lump-sum and you would want to do so, you should complete an Opt-in form.

The Pensions Office will write to confirm receipt.

 

 

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